Russian rouble weakens against US dollar after fresh EU sanctions
As of 1245 GMT, the rouble was 0.8% lower at 78.70 per U.S. dollar, according to data compiled by LSEG, based on over-the-counter quotes. The rouble is up about 45% against the dollar since the start of the year.
The rouble, insulated from global financial flows by Russian currency controls and Western sanctions, remained strong despite a change in the attitude of U.S. President Donald Trump toward Russia in recent weeks.
Analysts said the new EU sanctions will have little impact. The rouble is receiving support from more foreign currency sales by the central bank.
"Sanctions will increase pressure on the Russian economy, but their effect may be limited. Russia will continue to reorient its exports towards Asia," Russian Agricultural Bank analysts said in a research note.
The EU will set a moving price cap on Russian crude at 15% below its average market price, but Russia has so far managed to sell most of its oil above the previous price cap as the current mechanism makes it unclear who must police its implementation.
The last time the rouble took a hit from Western sanctions was when the U.S. imposed sanctions on Gazprombank, which handled Russia's energy trade, in November 2024.
The rouble rallied against all major currencies early this year, in large part due to hopes for a U.S.-mediated peace deal with Ukraine, which have since evaporated.
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