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Russian ruble drops again

The ruble slipped again today, as sanctions on Russian oil still valid and the impact on export revenues added more pressure on the Russian currency.

The ruble lost about 8% against the dollar last week and is on course for another monthly decline after an oil embargo and price cap came into force.

It has also been fluctuating heavily in the past two weeks and was liable to sharp swings amid smaller trading volumes in the run-up to Russia's New Year holidays.

Additionally, the ruble will be relatively resilient going forward though, Yangol added, expecting the oil price to be mainly driven by geopolitics and for OPEC+ to continue to trim its production in response to market fundamentals.


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