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Russian Ruble suffers as U.S. announces new sanctions against Russia

Russian Ruble suffers as U.S. announces new sanctions against Russia

Russian ruble is bearing the brunt as the United States announced fresh sanctions on Russian over the poisoning of a former Russian agent who acted as a double agent on behalf of the United Kingdom, Sergei Skripal and his daughter Julia Skripal in the United Kingdom in March. Several countries around the world expelled Russian diplomats in response to the alleged attack, with the U.S. alone expelling as many as 60 diplomats.

Yesterday, in a statement, U.S. State Department announced, “Following the use of a “Novichok” nerve agent in an attempt to assassinate UK citizen Sergei Skripal and his daughter Yulia Skripal, the United States, on August 6, 2018, determined under the Chemical and Biological Weapons Control and Warfare Elimination Act of 1991 (CBW Act) that the Government of the Russian Federation has used chemical or biological weapons in violation of international law or has used lethal chemical or biological weapons against its own nationals.

Following a 15-day Congressional notification period, these sanctions will take effect upon publication of a notice in the Federal Register, expected on or around August 22, 2018.”

Russia has repeatedly denied the allegations and called for proofs, which reportedly has not been produced by the UK government.

As the announcement came, Russian ruble declined more than 3 percent against the USD and currently trading at 65.55 per USD. Earlier this month, U.S. Treasury announced measures against Russian banks which allegedly helping North Korea to evade the UN sanctions.

Source: FXWire Commentary

 

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