Earlier today, the Russian Stock Exchange announced that the country’s main equity market (MOEX) would not open on Monday, in an apparent effort to block an anticipated wave of heavy selling. Get your market update from nickcawley1 here:
The Bank of Russian more than doubled its bank rate earlier today to 20%, from 9.5%, as the central bank stepped in to try and prevent a currency crisis after the US and the West imposed stringent sanctions on the country, including a partial expulsion from the SWIFT payment system.
With countries around the world increasing economic sanctions against Russia on ais did not prevent the currency from weakening further. The US dollar/Russian Ruble traded as low as 74.2 on February 10 and is now quoted above 100, although a lack of liquidity, and heightened volatility, may see this quote change sharply over the coming sessions.A range of other FX-pairs were impacted by the SWIFT announcement although currently, these moves remain limited.
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