The Russian ruble dipped today as the United States and the European Union implemented sanctions against Russian companies that may lead to recession in the Eastern European nation.
The USA decided to intensify sanctions against Russia for its involvement in the Ukrainian crisis, and the list of affected companies included such giants as Rosneft and Novatek. Some analysts believe that such measures may result in economic recession in Russia, while others argue that perhaps the country’s economy may avoid recession but will sure enter stagnation. Whatever the case, the result of the sanctions will likely not be pretty.
USD/RUB was up from 34.6064 to 35.2240 as of 20:20 GMT today.
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