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Russia said it will eliminate the dollar from its oil fund to reduce vulnerability to Western sanctions just two weeks before President Vladimir Putin holds his first summit meeting with US leader Joe Biden. The National Wellbeing Fund will shift its dollar holdings into euros, yuan and gold, Finance Minister Anton Siluanov said. The dollar pared gains on the news Thursday before bouncing back as analysts said the immediate market impact is likely to be limited. The transfer, which affects about $119 billion in liquid assets of which about a third is held in dollars, will take place within th...

That reaction suggests Washington’s ban on U.S. investors buying new Russian rouble bonds – OFZs as they are known – is being perceived as yet another annoyance for a market that’s coped for years with sanctions risk. Investors had feared “nuclear” options such as barring U.S. firms completely from rouble debt or cutting Russia out of international money-transfer systems. Those may yet come to pass. But for now, U.S. funds can buy the bonds in secondary markets, which is what most of them already do. Yet many caution the U.S. move is an escalation from previous sanctions against ...

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Analysis: No knockout, but new U.S. sanctions add to Russia's 'slow destruction' By Marc Jones, Sujata Rao and Tom Arnold Reuters LONDON (Reuters) - For all the insouciance with which markets treated Washington's latest sanctions on Russia, its move to target Moscow's main funding avenue - the rouble bond market - has in some ways, crossed the Rubicon, potentially with far-reaching consequences. Drawing on experiences of sanctions imposed previously, including after the 2014 Ukraine crisis and the Mueller report on Russia's alleged U.S. election meddling, money managers haven't rushed to ...

Russian Markets Shrug Off New Sanctions The ruble and stock market have recovered, but risks remain. April 16, 2021 The U.S. hit Russia on Thursday with the broadest range of sanctions in three years. Jeffrey Zeldman / Flickr (CC BY-NC-ND 2.0) Russian financial markets have shrugged off the latest round of sanctions announced by the U.S. on Thursday, with the Russian ruble and stock markets bouncing back strongly in Friday trading. The ruble — which saw trading volumes five times higher than usual ahead of the sanctions ann...