Russia's ruble sinks as Moscow allows 'friendly' countries to re-enter the bond market

Russia allowed friendly countries to reenter Moscow's bond market.

Moscow's currency dropped as much as 1.5% to 61 against the US dollar.

Russia will allow investors from countries that have not taken part in sanctions against it to trade in debt securities.

GDR's will be converted into shares to be traded on the Moscow Exchange. The central bank said on Monday that it would write off the GDR's from account holders.

The markets of Moscow were closed in February because of the invasion ofUkraine.

The ruble has seen wild swings this year after hitting all-time highs and record lows.

The ruble fell against the dollar to 121.53, but recovered to become the world's top-performing currency. The Russian central bank raised interest rates in order to keep the country out of sanctions.

At least six Wall Street banks have started dealing in Russian bonds again after the US authorities gave a reprieve to investors stuck with the now-toxic debt.

The market for Russian government and corporate bonds has been reopened by a number of banks. The outlet said that they are once again offering to facilitate trades for clients.