• 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.

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