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A man walks past a currency exchange office in Moscow, on April 10, 2018. Russia's central bank on Tuesday sought to reassure the public after new US sanctions prompted a market collapse and plunge in the rouble's value, insisting there was no threat to financial stability and that the bank was ready to act if necessary
A man walks past a currency exchange office in Moscow, on April 10, 2018. Russia's central bank on Tuesday sought to reassure the public after new US sanctions prompted a market collapse and plunge in the rouble's value, insisting there was no threat to financial stability and that the bank was ready to act if necessary.

 

The United States’ pledge to impose new sanctions against Russia and the escalating geopolitical tensions caused by the crisis in Syria could also have an impact on Finland, reminds Vladimir Miklashevsky, a senior economist at Nordea.

“The rouble is poised to continue its recovery this week, but concerns about the new sanctions may bring down the rate,” he writes in his analysis.

The Russian rouble lost nearly 10 per cent of its value last week and continued to fall gradually against the US dollar on Monday. The diminishing value of the currency is a major issue for a number of Finnish companies with operations in Russia, according to Miklashevsky.

“The rouble has been stable for a long time. Many Finnish companies may have consequently neglected to protect their assets in recent times. It currently seems that the volatility of the rouble is increasing again,” he says.

Nikki Haley, the United States Ambassador to the United Nations, on Sunday revealed that new sanctions against Russia would be announced on Monday.

Miklashevsky also gauges that no major market unrest was caused by the recent air strikes against what were believed to be chemical weapons facilities in Syria. The air strikes were conducted by the US, the UK and France in response to a suspected chemical weapons attack that left around 70 people dead in Douma, a besieged town 10 kilometres north-east of Damascus, Syria, on 7 April.

“The air strikes did not cause panic in the market, because the worst fears did not come true,” says Miklashevsky.

Aleksi Teivainen – HT
Photo: Vasily Maximov – AFP/Lehtikuva
Source: Uusi Suomi

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