The stark disparity between offshore and local ruble prices underscores just how scarce liquidity has become when trading Russia’s currency overseas. The offshore ruble was indicated around 95 per dollar in Asia morning trading on Thursday, compared with 108 per dollar in Moscow on Wednesday. That’s the strongest relative to onshore in data compiled by Bloomberg going back to 2003. Traders say this highlights just how volatile and illiquid the Russian currency has become as price sourcing becomes more difficult day by day. In fact Thursday’s bid/ask spread of more than 10% suggests trading may not be taking place in the currency overseas. Since Russia invaded Ukraine on Feb. 24, the U.S. and its allies have imposed sanctions that restrict some Russian banks from the SWIFT financial messaging service, while the country’s central bank has introduced capital controls. “It is becoming more difficult to grasp the daily swings of […]