By the end of the day, the ruble-to-euro exchange rate stopped at 66 rubles, which had not been the case since July.

The ruble rate on the Moscow Stock Exchange on Monday, December 5, took off against the background of European Union sanctions on Russian oil. By the end of the year, the Russian currency is expected to fall even more.

According to the Moscow Times, by the close of trading, the euro against the ruble rose by 2% and crossed the 66 ruble mark, which is the highest level since July 6. At the same time, the dollar grew a little less – only by 0.5% and reached the mark of 62 rubles, which is a two-month record.

Andriy Maslov, an analyst at FG “Finam”, believes that the fall of the ruble is connected with the establishment of a price ceiling for Russian oil.

The ruble is expected to depreciate further by the end of the year after the repayment of external debt due to a seasonal pick-up in imports. Thus, the dollar to the ruble can be fixed at the mark of 64-66 rubles.

Embargo on Russian oil – what is known

EU sanctions against Russian oil entered into force today. Now 27 countries of the European Union, Great Britain, the USA, Canada, Japan and Australia will work with oil from the Russian Federation, if it is purchased at no higher than the limit price. In two months, the ban on the purchase of petroleum products from Russia will come into force.

This decision is designed to reduce the import of Russian oil by approximately 90% by the end of this year.

In addition, on December 5, Japan introduced a price ceiling for oil from the Russian Federation, except for imports from the Sakhalin-2 plant.