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How Sanctions Make the Ruble Harder to Trade or Value: QuickTake

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The blast of sanctions against Russia following its invasion of Ukraine sent its currency plunging and created a new paradigm in trading for the ruble: a split between prices for the ruble inside Russia and those quoted by international banks. The dislocation has been unprecedented in recent memory for a country as big as Russia. That makes it hard for market participants to know the true value of the currency.

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