Since the top in oil in June, crude has dropped around 37%... and so has the Russian Ruble. Monday saw the Russian Central Bank (rumored) to intervene to protect the 54 Ruble to the USDollar level. Yesterday saw weakness resume as oil prices slipped and today it appears 55 is the new line in the sand as the USDRUB was smashed 2 handles lower earlier today (only to begin selling off once again since). Russian 10Y bond yields are leaking higher however, +20bps to break the 11% line in the sand.
Russia appears to be tracking crude almost perfectly...
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It appears the Russian Central Bank is active again today...
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as Bond yields are surging
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Charts: Bloomberg
