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Ruble exceeds 2-year high vs. dollar and euro despite more EU sanctions
Wednesday, May 4, 2022
The Russian rouble jumped on Wednesday to a more than two-year high against both the dollar and euro, retaining the support of hefty capital controls as the European Union proposed a new package of sanctions against Russia over events in Ukraine.
Movements on Russian markets are affected by the rouble being propped up by capital controls, while stocks are trading with a ban on short selling and foreign players barred from ditching shares in Russian companies without permission.
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European Commission President Ursula von der Leyen proposed a phased oil embargo on Russia, as well as sanctioning its top bank and banning its broadcasters from European airwaves, in a bid to deepen Moscow's isolation.
But with markets returning to action for a few days in the middle of Russia's long May holidays and no concrete signs that the central bank will scale back controls any time soon, exporters were actively selling foreign currency, concerned that further rouble strengthening would eat into their holdings. ...
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