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Ruble rolls lower on markets

September 16, 2014

Russia's currency continues its slide as targetted EU/US sanctions grip tightens. Fears mount that the Russian economy is headed for recession

https://p.dw.com/p/1DCpm
Symbolbild - russischer Rubel
Image: picture-alliance/ITAR-TASS

Russia's ruble fell another 1 percent in Tuesday morning trading taking it down to a historic low of 38.8 to the dollar. That also marked a nearly 3 percent loss in two days.

The currency's slide comes as Moscow resorts to desperate measures to prop up its economy, as western sanctions over its role in Ukraine begin to bite. The Kremlin has now begun to tap national pension fund payments to finance corporations hit by the sanctions.

Sanctions now on oil and gas exploration and funding

Last Friday oil and gas companies like Rosneft and Gazprom were banned from raising funding on US and EU capital markets, or accessing western technology. They join several Russian banks and defense companies.

There is also talk that Russia is planning more import bans in response to western sanctions. However such a ban could only further depress the country' economic activity.

bew/uhe (Reuters,dpa)