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Sanctions have not breached Russia’s economic fortress, but they have put a time bomb under its foundations
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Previously, Russia saw a large trade surplus because of high oil prices and plummeting imports after Russia invaded Ukraine. But oil prices have dipped this year, and it’s more cumbersome for Russia to sell its oil due to Western sanctions, including price caps on crude and oil products like diesel.
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Thanks to the ingenuity of finance officials and entrepreneurs, Russia remains economically resilient and can still fund its wartime budget
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Russia is considering a plan to buy as much as $70 billion in yuan and other “friendly” currencies this year to slow the ruble’s surge, before shifting to a longer-term strategy of selling its holdings of the Chinese currency to fund investment.
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Banks and the respective regulators are considering setting up a customized common reference exchange rate.
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The Bank of Russia slashed the rate to 11 percent from 14 percent, saying external conditions for the economy remained "challenging, considerably constraining economic activity."
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A civilian and military administrator of the Russian-controlled region of Kherson in southern Ukraine said Moscow would introduce its currency in the region within the coming days.
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There have been serious dips and dramatic rescues in the emerging economies.
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The plan involves rupee-ruble-denominated payments using Russia’s messaging system SPFS, the people said, asking not to be identified discussing confidential deliberations.
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What might emerge are two monetary systems — a western and a Chinese one — operating in different ways and overlapping uncomfortably
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There will be heavy restrictions on trading Thursday as the exchange opens to prevent the kind of massive selloff that took place on Feb. 24 in anticipation of crushing financial and economic sanctions from Western nations.
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The bank's action follows the Western decision Sunday to freeze its hard currency reserves in an unprecedented move that could have devastating consequences for the country's financial stability.
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The ruble was indicated to be down 27 percent at 114.33 per dollar in offshore trading, according to Bloomberg News.
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The latest drop in the value of the Russian currency came amid talk that the US was readying further sanctions.
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Given currency exchange rates, Gartner expects all industries to experience negative growth in 2015
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S&P slashed Russia's sovereign credit rating to BB+ from BBB- and said the outlook is negative, reflecting its view that Russia's monetary policy flexibility could diminish further.
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Russia's Finance Ministry said on Wednesday it was starting to sell its leftover foreign-currency stock and that it considered the ruble to be "extremely undervalued."
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The recent run on Russian currency ruble has given birth to murmurs that Russia may default and that capital control is on the cards. Expressing his views on the subject, Rabo Bank's Piotr Matys explains why such a possibility is remote despite the fact that an emergency rate hike has done little to stop ruble's slide.
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Caution also prevailed ahead of the outcome of the two-day FOMC meet, which will be announced later tonight.
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The battered currency has continued in its downward spiral despite the Central Bank of Russia's (CBR) astonishing 650 basis-point rate hike late Monday.
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The sell-off in banks, FMCG and metals stocks pulled the 30-share Sensex down 538.12 points or 1.97 percent to 26781.44. The 50-share NSE Nifty lost 152 points or 1.85 percent to close at 8067.60 on unwinding of derivative positions as well as offloading of shares by momentum players among FIIs.
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The Russian currency had tumbled over 50 percent against the dollar over the past half year on plunging oil prices and the west's sanctions linked to the Ukraine crisis.
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Today we saw a weak trading session; the Nifty finally succumbed to some selling pressure. The European markets opened with cuts of close to around 0.5 percent and Russian index opened with a cut of around 2 percent, Ruble as well weakened.
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Even as stocks in Russia have sold off on the fear of a full-blown war with Ukraine on the issue of the Crimea region, which falls under Ukrainian sovereignty, analysts are not yet worried this could lead to a global sell-off in key asset classes.
