People walk past a money exchange office in St.Petersburg, Russia, Tuesday, April 10, 2018. The ruble has plunged for the second day in a row following fresh U.S. sanctions against Russia. (AP Photo/Dmitri Lovetsky)
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The ruble dipped lower on Wednesday, hitting its lowest levels since 2016, as fears of increased geopolitical tensions with the West and new U.S. sanctions against Moscow eclipsed higher oil prices.The ruble hit 64.77 versus the U.S. dollar on the Moscow Exchange, its weakest level since Dec. 1, 2016, and losing 11 percent of its value since before sanctions were imposed.Versus the euro, the ruble shed 1.4 percent to 78.94 after quickly sliding beyond a psychological threshold of 80 to 80.15 per euro, a level last seen in March 2016 .Russian unit of Volkswagen Bank said it had postponed a planned bond issue worth 5 billion roubles ($78.34 million) due to unfavorable market conditions, Interfax reported.Shares in Novatek dropped to as low as 656.3 rubles on Monday, down from levels of around 770 rubles seen before the sanctions were announced.
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