INSUBCONTINENT EXCLUSIVE:
The Russian ruble surged by more than 10% on Tuesday in Moscow trading, as investors saw signs of progress in peace talks between Ukrainian
impressive recovery for the currency, which slipped below 150 against the United States dollar in early march after the West froze around
move which has provided strong support for the bruised currency as a result of record high commodities prices
Critics have called for an energy embargo on Russia to stop Moscow being able to use its multi-billion dollar exports to prop up the
currency.The United States has stopped purchases of Russian oil and several Western trading companies have stopped dealing with Russian oil
Russia invaded Ukraine, the currency was trading at around 80 against the United States dollar.The Central Bank has also introduced strict
capital controls, banning companies from sending foreign currency out of the country and prohibiting Russians from buying foriegn currencies
come under pressure in the coming months, analysts say
The country still faces the possibility of a default, when it becomes unable to service government bonds using the frozen Central Bank
rubles, rather than euros as the contracts currently stipulate
