The Russian ruble declined today as worsening relationships between Russia and Ukraine may lead to escalation of the conflict in Eastern regions of Ukraine, while the United States and the European Union threaten to implement additional sanctions against Russia.
Ukrainian authorities were accusing Russia of sending troops to the Eastern regions of Ukraine as a help to rebels. Meanwhile, US and European leaders talked about another round of sanctions. The situation led to an increase of wheat prices as both Eastern European countries involved in the crisis are major exporters of the grain.
USD/RUB rallied from 36.7741 to 37.0348 as of 14:17 GMT.
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