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Ruble Drops to 2016 Low as Traders Ask How Far Sanctions Will Go

Natasha Doff
Ruble Drops to 2016 Low as Traders Ask How Far Sanctions Will Go

The ruble extended its steepest slide in almost two years as a fresh round of U.S. sanctions against Russia deepened concern about what could be targeted next. Analysts at Citibank said it looks like traders are already pricing in a worst-case scenario of sanctions on banks and new sovereign debt. “Now we may have the problem that people will cut at the same time using a very small window,” said Koon Chow, a strategist at Union Bancaire Privee in London.