Key points
- USD/RUB trades near highest level since April 2022
- Wagner group mercenaries return to bases after short-lived mutiny, leader Prigozhin to move to Belarus
- Developments revive old fear over Russia’s nuclear arsenal security
USD/RUB traded in proximity to a fresh 64-week peak on Monday in response to an aborted mutiny by Russian mercenaries led by Yevgeny Prigozhin over the weekend.
Heavily armed Russian fighters of the Wagner group withdrew from the Russian city of Rostov under a deal that put their rapid advance on Moscow to a halt.
The Wagner group mercenaries started to head back to their bases late on Saturday in exchange for guarantees for their safety, while their leader, Yevgeny Prigozhin, will move to Belarus under a deal brokered by the country’s President Alexander Lukashenko.
Prigozhin, a former Putin ally and ex-convict, claimed the advance on Moscow was meant to remove corrupt and incompetent Russian leadership, which he blamed for botching the war in Ukraine.
The events brought back to life an old fear in the West regarding Russia’s nuclear arsenal security in case of a civil war.
As of 7:18 GMT on Monday USD/RUB was gaining 0.73% to trade at 84.2512. Last Friday the exotic Forex pair went up as high as 85.4996. The latter has been the pair’s strongest level since April 1st 2022 (86.3461).
Over the weekend, Russia banks were offering USD/RUB exchange rates well above the official rate.
Brent Crude Oil, a key Russia export, was gaining 0.95% on the day to trade at $74.71.
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