USD/RUB: Russian ruble at December 2016 low as US grip on oligarchs tightens

• Russian ruble fell more than 4% on Tuesday with loses extending to 8.5% since the beginning of this week.
• Fear of the US administration tightening its grip on Russian companies bring ruble to the lowest level since December 2016.

The Russian ruble remains under severe selling pressure since the beginning of this week after the US administration tightened its grip on Russian billionaires imposing sanctions and trade bans on particular companies.

The USD/USD is trading down 4% at around 63.000 against the US Dollar on Tuesday falling to the lowest level since December 2016 after opening this week at around 58.060, down some 8.5% since the beginning of this week. 

Oleg Deripaska, the owner of the metal conglomerate Rusal, was as recently as this January hosting celebrities of the world with champagne and caviar in Davor and now his company lost 50%. The sell-off is driven by geopolitical tension and increased worries amongst investors that more Russian companies could be targeted by the US.