Russian ruble collapsed due to information about sanctions

At the auctions in Moscow, Russian stocks continued to fall, which began on Wednesday.

Фото: Depositphotos

In the first minutes after opening, the RTS index fell by more than 3%, writes “Currently,«.

The Russian ruble also fell. The dollar exchange rate exceeded 66 rubles per dollar by adding a penny to the 71 compared to the close of the previous trading session. The euro also rose 80 kopecks to 76,93 ruble.

The shares of Aeroflot fell the most immediately after the opening (by more than 8%, at some points the fall exceeded 12%) and the banks Sberbank and VTB (by more than 5%).

Drop connected with the announcement that the US authorities are introducing new sanctions against Russia from August 22 related to the poisoning of Sergei and Yulia Skripal with the Novichok chemical substance in the UK, which also resulted in the death of British citizen Dawn Sturgess. In accordance with the 1991 law, the use of biological and chemical weapons by any country entails restrictive measures by the United States. As has already been announced, sanctions may affect Aeroflot, which may be banned from flying to the United States.

The Russian Consulate in the United States has already called these sanctions “draconian.”

“According to our interpretation of the law, sanctions will lead to a decrease in the volume of exports/imports of goods between the United States and the Russian Federation; termination of supplies of information technologies produced in the USA, medical goods, refusal to provide loans or other financial assistance, restrictions on the import of oil and petroleum products from a sanctioned state into the USA, refusal of American airports to work with Russian air carriers, says Victor, chief analyst at Globex Bank. Veselov. – This hysteria puts pressure on the Russian market, and therefore foreign investors are dumping OFZ (Russian federal loan bonds) and buying the dollar, which will soon go above 66 rubles. for a dollar."

On the eve of August 8, the ruble fell against the American currency by more than one and a half rubles (more than 2%), exceeding 65 rubles per dollar. This is the maximum increase since April 11, when the dollar was worth more than 65 rubles. The ruble also fell against the European currency – to 75 rubles per euro (also by almost 2%). The prices of most Russian shares also fell. The shares of AFK Sistema lost the most (almost 4%), RusAl - 3,5%, Mechel and MMK - 3% and shares of Sberbank - 2,8%.

Experts attributed the fall on Wednesday also to the expectation of sanctions against the Kremlin and Russian companies from the United States, but others: they propose to introduce a bill DASKAA 2018 (Defending American Security from Kremlin Aggression Act), introduced last week in the US Congress by senators Lindsay Graham and Robert Menendez.

The bill proposes banning operations of Russian state-owned banks, including Sberbank, VTB and VEB, in the US, freezing the assets of these banks in the US, and imposing sanctions on money transfer or investment in energy projects that support Russian state-owned companies. In addition, residents of the United States and US companies want to ban operations with the Russian government debt.

The DASKAA 2018 Act has not yet been passed by the US Congress, but this can be done in the coming months. However, according to the Washington Post, the White House is also working on a decree that will allow the US president to impose sanctions on his own, without the consent of Congress.

Recall that economists have been named two signs of an impending US economic crisis. The American Bank, meanwhile, call the strongest currency in case of a global crisis.

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