JPMorgan said the move is due to “high geopolitical uncertainty.”All positions on operations with the Russian ruble are closed at a loss / REUTERS illustration

The largest US bank JPMorgan closed all remaining long positions in the  Russian ruble .

All positions on operations with the Russian ruble were closed at a loss, according to  Reuters .

According to the agency, the positions were closed against the background of the aggravation of the situation on the Ukrainian border and the growing threat of Russia’s invasion of Ukraine. JPMorgan confirmed that this move is associated with “high geopolitical uncertainty.”

“We cannot reject negative scenarios with high confidence. Consequently, our existing long-term recommendations have become untenable,” JPMorgan analysts said in a statement.

As of 11:28 am Kyiv time, 1 dollar cost more than 78 Russian rubles.Screenshot of Google Finance

The collapse of the Russian stock market:

On January 18, 2022, the Moscow Exchange recorded a drop in the index  by 6.5% to 3328 points by the close of trading  . Shares of Gazprom, Sberbank and Yandex fell by an average of 10%. 

On January 21, 2022, the Russian  stock market  continued to show a significant drop. The Moscow Exchange index fell by 2.83 percent to 3416.56 points, the RTS index – by 3.43 percent to 1400.81 points.

On January 24, 2022, the RTS index – the main indicator of the Russian stock market –  fell by more than 5% .

On January 24, 2022, the Russian regulator stopped buying foreign currency .

(C)UNIAN 2022