- Wednesday saw the Russian rouble continue its disastrous few months as it fell once again to new all-time lows against the euro and the US dollar. There were a number of key reasons for this, with the ongoing tensions in eastern Ukraine and broad based risk aversion towards Russia being among the most significant.
- Tensions between Ukraine and Russia remained high after Moscow stated on Monday that it intends to recognize the outcome of elections over the weekend by pro-Russian separatists in eastern Ukraine. The dramatic fall in the price of oil has also damaged the country’s economy, as Russia is the world’s second largest exporter of oil and relies heavily on taxes generated on energy exports. Russia’s central bank has so far spent approximately $55 billion of its international reserves this year in a bid to prop up the rouble.
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