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Trump's Reversal On Sanctions Boosted Russian Stocks, Ruble

Gage Skidmore/CC BY-SA 2.0/Flickr

On Monday President Trump contradicted a previous announcement that the U.S. would roll out fresh sanctions on Russia.

A Washington Post report that President Donald Trump reversed course Monday on fresh Russian sanctions announced the previous day by U.S. ambassador to the United Nations Nikki Haley gave a boost to Russian stocks and the ruble.

The report also noted that Trump would be unlikely to consider sanctions barring some future provocation from Russia.

The VanEck Vectors Russia ETF reversed earlier losses and jumped 1.6 percent, while the iShares MSCI Russia Capped ETF was up nearly 1 percent. The ruble rose 1.5 percent against the dollar.

Russian stocks have been under serious pressure, and the ruble has fallen since the U.S. sanctioned Russian oligarchs and businesses for supporting Assad and also meddling in the U.S. election. Russian stocks are down about 12 percent since the April 6 announcement, and the ruble is down about 5 percent against the dollar in that period.

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