The Russian national currency dropped again amid uncertainty in Ukraine and around the Yevtushenkov case involving Bashneft’s stocks.
The Moscow Exchange saw the US dollar move 42.36 kopecks to 38.72 roubles while the euro surged 49.37 kopecks to 49.34 roubles, according to Russia’s Central Bank.
Earlier, Russia-IC reported that the country could lose up to $50 billion, or 4 percent of GDP, due to sanctions and a drop in oil prices.
According to a report by Russia’s Finance Ministry, the geopolitical events would cost Russia 2 percent.
Maxim Oreshkin, head of the long-term strategic planning department, said the economy’s response to external shocks was surprisingly soft.
Russia has sparked a wave of criticism after it incorporated Crimea into its territory following a referendum on the peninsula with a large ethnic Russian population.
The US and the EU imposed a raft of sanctions on Russian officials and individuals with close ties to the Kremlin.
The US also put space and military cooperation on hold, followed by some of its NATO allies, including the UK.
Author: Mikhail Vesely