Russian Ruble Gains May Not Last as Oil Prices Face Pressure by Year-End, Says Commerzbank

According to analyst Tatha Ghose of Commerzbank, released on June 9, rising energy prices stemming from tensions in Iran have recently boosted Russia's oil and gas revenues, providing support for the ruble. However, Ghose noted that oil prices may decline by year-end, while refineries damaged by Ukrainian strikes and renewed U.S. sanctions are expected to prevent Russia from capitalizing on expanded OPEC+ production quotas. "Once oil prices deliver their benefits, we expect the ruble to resume depreciation," Ghose said.
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