“The sanctions theme remains in focus for Russian market players,” Rosbank, a subsidiary of Societe Generale, said.
The weaker currency usually fuels inflation and diminishes economic activity, but it may also bolster Russia’s budget revenue since the country is a major oil exporter.
Investors were also concerned that the U.S. president’s former attorney may reveal additional information related to Russia’s interference into the U.S. elections on Wednesday. Michael Cohen, President Donald Trump’s former personal attorney, pleaded guilty to campaign finance violations, and Cohen’s lawyer claimed “knowledge on certain subjects” that would be “of interest” to Robert Mueller, a special counsel probing alleged Russian meddling into the election, the Financial Times reports.
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