R.M.P Marotta Long Island

The Russian ruble stabilized around 116 per USD on Friday after the central bank further restricted access to foreign currencies. The Bank of Russia introduced restrictions on local firms’ access to foreign currencies starting Thursday, allowing them to receive the equivalent of up to $5,000 only to pay for overseas work trips from Mar. 10 to Sept. 10. The ruble has now lost more than 40% of its value in offshore markets since the Russian attack on Ukraine started amid a series of harsh Western sanctions, effectively cutting the country off from the global financial system and targeting its key public and private institutions. The Russian central bank responded with a more than double policy rate hike to 20% and introduced capital controls to defend its currency from further depreciation. Meanwhile, traders remained on edge after the first round of talks between the Russian and Ukrainian foreign ministers failed to yield a ceasefire.

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