Russia’s FX reserves slip from its grasp

ft.com

9 pointsWalterGR4 comments

The collapse of the ruble is well under way. I've been watching the USD/RUB spot rate this morning, and the graph line is roughly vertical.

As a side note, German language news is reporting that Sberbank Europe is insolvent or soon will be.

The Euro has given as well. To be honest I expected much worse for the RUB, was surprised that it isn't that bad (yet?)

Same here. I thought the bottom would absolutely drop out, but now it's looking like it doesn't want to drop more than 25%.

FX = forex = foreign exchange

In this context, it means holdings of monetary value not denominated in Rubles.