Ukraine: Cleverly says Putin wants to 'recreate the Russian Empire'
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The ruble plummeted to its lowest level against the dollar since 2016 following the announcement of a special military operation by President Putin. For three hours this morning, the Moscow Exchange suspended trading as Russian stock markets also sank. After resuming trading, the Moscow Exchange continued to fall as much as 36 percent. John Hardy, head of FX Strategy at Saxo Bank, said: “The Russian ruble dropped nearly 10 percent at one point – nearly touching 90.00 (to the dollar) overnight on the news of the Russian moves against Ukraine.
“The US has vowed harsh sanctions, which could include severe options making trade and financial transactions with Russia difficult.”
The Bank of Russia has announced it will act to try to maintain financial stability using “all the necessary tools”.
In a statement today, the central bank said it would “start interventions in the foreign exchange market, expand the Lombard List, and conduct operations today to provide additional liquidity to the banking sector.”
More to follow…
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