Russian Ruble Reaches A Two-Year High Against The Dollar And The Euro Even As More Sanctions Are Being Imposed

FILE PHOTO: Russian 100-rouble banknotes are placed on a cashier's desk at a supermarket in the Siberian town of Tara in the Omsk region, Russia, December 14, 2021. REUTERS/Alexey Malgavko  

Business Insider: The Russian ruble has hit an over 2-year high even as the EU plans to intensify sanctions against the country with an oil embargo 

* The Russian ruble closed 6.6% higher on Wednesday — a two-year high against the US dollar. 

* The currency had sunk to a record low in early March due to sweeping sanctions over the Ukraine war. 

* The Kremlin has been propping up the ruble via capital controls. 

The European Union may be preparing to ban Russian oil, but that hasn't put a damper on the ruble — which has surged to a high not seen in over two years. 

On Wednesday, the Russian ruble closed 6.6% higher against the US dollar at 66.30 — its highest level since March 2020, according to Reuters' records. 

The European Commission President Ursula von der Leyen proposed a phased embargo on Russian oil on the same day in a new package of sanctions that also targeted Sberbank, the country's largest bank. 

Read more ....  

Update #1: Rouble Leaps to Over 2-Year High Vs Dollar, Euro as EU Ups Sanctions (Reuters)  

Update #2: The Ruble reached a two-year High against the Dollar and the Euro (Novinite)  

WNU Editor: The ruble hit a new high of 64.25 rubles to a dollar today (link here). Predictions in March from President Biden that the Russian ruble would collapse have clearly not happened (see below).

As a result of our unprecedented sanctions, the ruble was almost immediately reduced to rubble.

The Russian economy is on track to be cut in half.

It was ranked the 11th biggest economy in the world before this invasion — and soon, it will not even rank among the top 20.

— President Biden (@POTUS) March 26, 2022