From November 30 to December 2, the Bank of Russia set the official dollar rate at 107.7409 rubles per dollar, a level lower than the prior tally by about one ruble. The euro slipped to 114.3149 rubles, down 1.83 rubles. The yuan rose to 14.7233 rubles, gaining 5.8 kopeks. These movements came alongside ongoing volatility in the currency market, reflecting how sanctions and shifting trade flows influence liquidity and pricing in the ruble market, according to the central bank’s latest weekly update. Market participants interpreted the moves as evidence of how sanctions reverberate through financial conditions in the short term, while the central bank noted that the volatility is tied to the need for businesses to reconfigure trade flows and services to match evolving foreign trade dynamics.
On the period, the bank reported that Western sanctions against Russian banks contributed to higher volatility in the foreign exchange market, though regarded this as a temporary factor. Officials stressed that sanctions compel enterprises to adjust their foreign trade arrangements, reorganizing how goods and services move across borders and how payments are processed in a changing ecosystem for domestic and international business. The immediate effect was a cautious mood among traders, who balanced risk with the goal of avoiding abrupt losses from rapid rate swings seen in other episodes of sanctions-related uncertainty.
During the week, the United States announced sanctions targeting Gazprombank and several related entities. In a policy update, American authorities allowed U.S. citizens to conduct financial transactions connected with the official activities of Russia’s diplomatic and consular missions abroad if those transactions involve Gazprombank or its affiliates with more than 50 percent participation. Analysts noted that such measures add to the risk environment for cross-border banking and finance, while they also reflect continued strategic pressure aimed at influencing Russia’s financial system amid broader geopolitical tensions. Russians were advised that prices could rise as these measures unfold, with import costs and exchange-rate dynamics likely to feed through to consumer prices in various sectors.