S&P has lowered Russia’s sovereign credit rating to below investment grade.
Looks like bathtub vodka is back on the menu.
The Russian ruble doesn’t like it.
USD/RUB daily
USD/RUB is up 3% since the announcement. Before the announcement it was also up 3%, which is awfully suspicious.
Russia looked like it might stabilize around New Years but oil remains in the doldrums and the weekend attack on Mariupol certainly won’t help international relations.
