Putin vows to cut gas supply tomorrow unless Europe pays in roubles

Reuters

Rouble extends recovery gains, stocks up on 5th trading day

Stocks inched higher on the fifth trading day after a month-long hiatus. At 1147 GMT, the rouble was 2% higher at 83.50 against the dollar and had touched 82.55 on the Moscow Exchange, a level last seen on Feb. 25, the day after Russia sent tens of thousands of troops into Ukraine. The rouble is now driven by export-focused companies that are obliged to sell foreign currency as well as by month- and quarter-end tax payments that boost demand for roubles, while importers’ activity is low, said Natalia Orlova, chief economist at Alfa Bank.