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Ruble surges against dollar, euro amid new Russia sanctions
By Shubhangi Mathur - May 05, 2022, 04:24 AM ET
Last Updated - Feb 27, 2024, 06:53 AM EST
Russia’s economy is struggling amid the sanctions imposed by the West and the Europe. Russia recently avoided a sovereign default by paying its overdue international debt in dollars, after earlier pledging to pay them only in rubles
• The ruble closed 6.6% higher against the dollar and 5.8% against the euro
The Russian currency ruble jumped to a two-year high against dollar and euro, after the European Union proposed new sanctions against Moscow.
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The European Commission's president, Ursula von der Leyen on Wednesday has asked the bloc's 27 countries to restrict crude oil imports within six months and refined oil products by the end of the year.
The ruble closed 6.6% higher against the dollar at 66.30, the highest since March 2020 while the Russian currency gained 5.8% against the euro at 70.44, the highest since February 2020.
Russia’s economy is struggling amid the sanctions imposed by the West and the Europe. Russia recently avoided a sovereign default by paying its overdue international debt in dollars, after earlier pledging to pay them only in rubles.
Moreover, Russia’s foreign currency reserves have been frozen by international powers due its invasion of Ukraine.
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