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Russian Ruble At More Than 2-year High Vs. U.S. Dollar As EU Proposes Russian Oil Ban

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The Russian ruble appreciated against the U.S. dollar in the European session on Wednesday, as European Commission President Ursula von der Leyen proposed a ban on oil imports from Russia in its latest package of sanctions for attacks on Ukraine.

In a speech to the European Parliament, Von der Leyen called on member nations to phase out imports of crude oil within six months to reduce dependence on Russia.

The EU imports about 25 percent of its oil from Russia and to agree on oil sanctions is a tough task.

If approved, this would be a complete import ban on all Russian oil, seaborne and pipeline, crude and refined, Von der Leyen added.

The Russian ruble advanced to more than a 2-year high of 65.14 against the greenback from yesterday’s close of 68.25. If the currency rises further, it may find resistance around the 63.00 level.

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