USD/RUB eyes a rebound ahead of fresh US sanctions on Russia, EU proposes sanctions

The USD/RUB pair has been displaying back and forth moves in a wider range of 80.45-89.00 over the past few trading sessions. The pair has surrendered its entire gains which were recorded when the Western leaders imposed sanctions on Russia. It is worth noting that the asset has eased almost 45% from its recent high of 155.00 recorded on March 7.

Following the allegations of war crimes against Moscow by Ukraine’s President Volodymyr Zelenskyy, the European Commission (EC) an operative arm of the European Union (EU) has imposed numerous sanctions on Russia on Tuesday. Right from accessing the Russian roadways to shipping good carriers from seaways in the EU bloc, the EC is isolating Putin’s area. The EC officials have also made an embargo on Russian coal imports and have blocked some machinery exports into Russia. It seems that due to the higher dependency of Europe on Russian oil, the EU has preferred to avoid this subject for now. The aggression from the EU was highly expected after Ukraine cornered Russia on the death of civilians in Bucha, Ukraine.

Going forward, US President Joe Biden will impose fresh sanctions on Russia considering the massacre in the largest part of Kyiv. Earlier, the US administration prohibited Russian oil imports, banned IT exports to Moscow, and collapsed their International SWIFT banking system.