Russia markets little changed as Joe Biden weighs sanctions

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Russia markets little changed as Joe Biden weighs sanctions

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Russian markets brushed off reports that the U.S. and its allies are considering sanctions against the country's banking sector if President Vladimir Putin invades Ukraine.

The benchmark MOEX Russia IndexRussia Index rose 0.4% to 3,825. After a decline of 2.6% on Monday, the ruble was little changed at 74.2650 per dollar on 09 at 11: 35 a.m.

Piotr Matys, senior currency analyst at InTouch Capital Markets Ltd. in London, said that the US is not new to the risk of punitive measures that could cause serious damage to the Russian economy. The market may prefer to wait for official comments from President Biden because of the fact that talks are scheduled for today. The sanctions against some of Russia's largest banks and the Russian Direct Investment Fund are some of the options President Joe Biden may spell out when he speaks with Putin on Tuesday, according to people familiar with the matter who asked not to be identified to discuss private talks.

State-owned Sberbank PJSC, Russia's biggest lender, was down 0.2% to 304.29 rubles in Moscow trading after closing down 4.8% on Monday after initial reports of possible sanctions. The number two bank VTB Group, which is also state-owned, was down 0.2% after a 1.8% decline Monday.

Why Russia-Ukraine Tensions Are So Hard toDefuse?

The Kremlin spokesman Dmitry Peskov dismissed reports of planned sanctions as informational hysterics, the Tass news service reported late Monday.

He said it is very hard to expect breakthroughs from the conversation Tuesday, and that Putin will listen with great interest to Biden's proposals on Ukraine.

Let s hope that leaders will be able to get their concerns across, clearly form those and respond, Peskov said. None The Fall of a Russian Cyberexecutive Who Went Against the Kremlin