MOSCOW, Feb 21 — The Russian rouble clipped a one-week low today before firming past 77 against the dollar as investors digested the weekend’s developments over Ukraine, with renewed hopes that diplomatic efforts may yield results.
US President Joe Biden and Russian President Vladimir Putin have agreed in principle to a summit over Ukraine, the French leader said today, offering a possible path out of one of the most dangerous European crises in decades. Read full story
At 0604 GMT, the rouble was 0.5 per cent stronger against the dollar at 76.95, having touched 77.6950 in early trade, its weakest since January 14. It had gained 0.1 per cent to trade at 87.45 versus the euro, also recovering from a one-week low.
Russia has repeatedly rejected Western assertions that it may be planning to invade neighbouring Ukraine, but its assets have been hammered by fears of a military conflict that would almost certainly trigger sweeping new Western sanctions against Moscow.
Biden’s administration has prepared an initial package of sanctions against Russia that includes barring US financial institutions from processing transactions for major Russian banks, three people familiar with the matter told Reuters. Read full story
Brent crude oil LCOc1, a global benchmark for Russia’s main export, was down 0.6 per cent at US$92.99 a barrel. — Reuters