- US President Biden announces Russia energy import ban
- Russian Ruble pared losses against Ukrainian Hryvnia
- Oil price shocks can lead to a global recession
- Russian Central Bank to open Moscow exchange forex market
At the foreign exchange market, the value of the Ukrainian Hryvnia depreciated on Tuesday settling down -9.09% at 4.3261 against the Russian ruble. The UAH/RUB exchange rate was seen trading on Wednesday morning within a trading range of an intra-day low of 3.7898 and a high of 4.3261 – on track to snap losses for the second consecutive day.
Risk off mood continues to prevail in the market due to Oil price shocks, which can lead to a global recession. Market participants see the biggest loser from the oil crisis to be Western Europe amid their reliance on Russian oil and gas imports.
The current US administration announced on March 8, new sanctions designed to put pressure on the Russian economy amid the Ukraine invasion. President Biden targeted Russian energy imports.
“We’re banning all imports of Russian oil and gas and energy. That means Russian oil will no longer be acceptable at U.S. ports and the American people will deal another powerful blow to Putin’s war machine,” added the US president.
Crude oil prices were sharply higher on Tuesday, building up gains from the prior day. Crude oil settled up +2.51% at USD 123.70 per barrel.
Meanwhile, the Russian central bank announced Moscow stock exchange to remain close on March 9, while the Moscow exchange forex market is set to open.
A message from Wise (formerly TransferWise)
Our team is made up of over 90 nationalities, with offices all over the world — including Cherkasy — so we felt it important to put together resources for donating, and sending money to Ukraine. You can access this
support hub here.
Currencylive.com is a news site only and not a currency trading platform. Currencylive.com is a site operated by Wise US Inc ("We", "Us"), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of Wise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on currencylive.com do not represent our views.