Schedule ruble to dollar at intervals of 1 day
“We do not rule out the suspension of currency purchases, as was the case in August-September 2018, especially if the ruble reaches 80 / $,” says Dmitry Dolgin, an ING economist.
“If the news of the expansion of sanctions is true, it will be negative for the ruble and OFZs in the short term,” Dolgin told Bloomberg by email.
“Fundamentally, OFZ sanctions do not pose a threat to financial stability, since local banks have the ability to absolve the Ministry of Finance’s placements.”
“However, this will affect prices due to lower demand, as in successful years non-residents accounted for two-thirds of the volume of placements.”
“The flows in OFZs affect the ruble exchange rate in the medium term, so it is important whether the current foreign holders of $ 37 billion OFZs decide to get rid of government securities or leave them as a rare asset from now on.”
“The sanctions on OFZs are unlikely to lead to an additional increase in the key rate – higher real rates will not be able to increase the attractiveness of ruble assets for residents.”
The Russian ruble fell amid reports that the United States will announce sanctions on Russia as early as Thursday for alleged election interference and malicious cyber activity. The new package of anti-Russian sanctions should affect the sovereign debt of the Russian Federation, The New York Times reported.
The White House administration is coordinating with European allies to adopt sanctions against Russia, in particular, in response to the SolarWinds hack and attempts to disrupt the US elections, CNN reports, citing a source. According to the channel, citing sources, the administration of US President Joe Biden “is expected to announce sanctions as early as Thursday.”
“These sanctions will target intelligence officials and government officials, as well as structures involved in the cyberattack on SolarWinds,” CNN said.