What’s happening with the ruble and yuan in Russia one month after the Moscow Exchange halted dollar and euro trading?
Reporting by Margarita Liutova, Meduza
It’s now been a month since U.S. sanctions against Russia’s largest stock exchange forced it to halt trading in U.S. dollars and euros. In the days that followed the suspension, the ruble’s official exchange rate against these currencies experienced unusual fluctuations. However, the Russian currency has since slightly strengthened against the dollar. Meduza explains the dynamics of the exchange rate, the effects of the new sanctions on Russian businesses and citizens, and whether the yuan now dominates Russia’s foreign currency market.
