Tensions over Ukraine are not over yet, unfortunately. Analysts and investors are constantly monitoring the situation as they would like to learn more about risk factors. In the meantime, the Russian rouble, as well as stocks, declined in volatile trade on Thursday after Russian-backed rebels and Ukrainian forces traded accusations of firing shells across the ceasefire line in the eastern part of the country, sending market players running for cover.
According to Ukraine, incidents in the eastern part of the country looked like a “provocation” at a time when Russia has troops massed on the frontier.
The Russian Federation denies any plans to invade Ukraine. On Thursday, Russia rejected what it called “unfounded accusations” that it was not withdrawing its forces near the border. It takes time to return soldiers to their bases according to Russia.
The rouble dropped 1.2% against the U.S dollar to 76.15 by 13:45 GMT.
The rouble fell 0.9% to trade at 86.47 versus the euro.
The Russian currency had been recovering this week after its sharpest single-session drop in nearly two years. The rouble fell to its lowest point in a long time on Friday, caused by Western nations’ calls to their citizens to leave Ukraine.
However, tensions in eastern Ukraine had a serious impact on the Russian currency. Besides, Russia’s and Ukraine’s sovereign dollar bonds suffered fresh falls on Thursday. Nevertheless, Russian assets managed to pare some losses in the session.
Western countries threatened tough sanctions should Russia invade, something Russia repeatedly denied planning.
For NATO members, the most powerful measure against the Russian Federation would be U.S. sanctions cutting off Russian state banks from the U.S. currency according to former senior U.S. sanctions officials, Russian executives and bankers.
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