The latest statement from Russian negotiator Vladimir Medinsky that the country is interested in reaching an agreement in its negotiations with Ukraine has shed light on the market at the European session.
Earlier there were reports saying that a Ukrainian delegation was scheduled to meet Russia ‘unconditionally’ on Monday on the border with Belarus. According to Medinsky, the talks are expected to begin at 5pm Malaysian time.
Ukraine said the main goal of the talks was an immediate ceasefire and the withdrawal of Russian troops. However, Ukrainian President Vladimir Zelensky sees little prospect that the talks will end with an agreement.
Following Medinsky’s statement, the US dollar slipped slightly but still maintained its strength to trade higher than its major rivals.
Russia’s currency, the ruble continues to come under pressure after plunging nearly 30% as sanctions from Western countries and their allies on the economy are increasingly being felt.
The Russian Central Bank has tried to ease the burden borne by doubling interest rates to 20%, but it has not been able to ease the pressure on the ruble.
The euro remained trading around its weakest level since June 2020 despite a slight rise following Medinsky’s statement. Meanwhile, the pound was flat at a two -month low.
