Long Time Before Russian Assets Recover "Russia's rouble lost over a fifth of its value in thin trading on Monday to a fresh record low, with local markets closed for trading until at least Wednesday.
The rouble has lost nearly 50% of its value against the greenback since the start of the year, with losses sharply accelerating since Russia invaded Ukraine on Feb. 24, a move that sparked sweeping sanctions from various governments across the world.
The rouble bids were indicated as low as 150 to the dollar after closing at 121.037 on Friday, according to Refinitiv data . On the EBS trading platform, the rouble weakened as far as 160 to the dollar, or more than 22%, and was recently traded at 145, down 14.5% on the day.”
“‘The curbs on Russia, its lenders, corporates and key individuals, as well as counter measures from Moscow, have cut Russian assets increasingly out of global financial markets and have made it hard for investors to trade any securities.’
‘With Russian prices on the euro bond somewhere around 20, this is going to go on for a long, long time, and nobody wants to be associated with (the rouble),’ said Gabriel Sterne, head of global EM research at Oxford Economics.