US sanctions have drove down the national currencies of Turkey and Russia

Open source

The Istanbul Chamber of Commerce (ICOC) stated that the process of the falling of the Turkish lira and the US-Turkish relations crisis are interrelated.

«Against the backdrop of sanctions against Turkish ministers, on the markets was formed opinion about the probability of imposing more large-scale sanctions against Ankara. Certain forces are trying to turn the depreciation of the Turkish lira into a long-term process and thereby damage the Turkish economy. The Turkish authorities, including the Central Bank, should take steps to change the situation,» – the local newspaper Haberler quotes ICOC.

According to BBC, a sharp decline in the rate of the Turkish lira may adversely affect a number of European banks. Also today has appeared a «pressure» on the exchange rate of the European currency.

At the same time, today, August 10, the ruble has updated its two-year minimum to the dollar, slid to its lowest level of trading in August 2016. The Russian stock market also collapsed. The reason for this was the new sanctions the US imposed against the Russian Federation (because of poisoning Sergei Skripal and his daughter in the UK – ed.) and the possibility of further strengthening sanctions policy.

This turned to be a surprise for stockbrokers, since earlier analysts had forecasted the beginning of the restoration of the ruble’s position, UNIAN news agency reported.

Russian Finance Minister Anton Siluanov commented on the situation, noting that the reason for the ruble fall was not only the current volatility in the markets because of future U.S. sanctions (sanctions should be introduced on August 22 – ed.), but also the instability in emerging markets.

The first restrictions will be related to the ban on the export of dual-use goods to Russia. If Moscow does not provide within 3 months guarantees of non-use of chemical weapons and will not allow international inspectors to Russia, the United States can impose additional sanctions.

As The Journalist reported, Trump said that sanctions against Russia will «remain as is».