Ruble Outlook: Nothing so Crude as Sanctions

Summary:

Ruble has been hit badly this year. The ruble has lost 18% against the US dollar and 22% against the euro since the start of this year. The initial collapse was caused by the oil price plunge, as the Covid-19 pandemic hit the global economy, but the weakness has been sustained because of political concerns and the fear of more sanctions against the Russian financial system.

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