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Last Friday’s sanctions imposed by the US on Putin-allied Russian oligarchs and billionaires – including aluminum magnate Oleg Deripaska – as well as associated companies, have had an adverse impact on both the Russian currency and local equities, with the ruble crashing 2.3% to a fresh YTD low of 60 to the USD, the biggest drop since November 2016 and bringing the 3-day drop to 3.5%…
Russia’s Buying Gold, A Lot Of It
… while Russian stocks as tracked by the benchmark MOEX Russia Index dropped as much as 7.2%, the biggest one day drop since March 2014, when the Russia-Ukraine proxy war spiraled out of control following the Russian anex of Crimea in response to the CIA-backed presidential coup in Ukraine…
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