The Russian ruble would have been firmer by 2-4% as of end-June if not for the latest round of U.S. sanctions imposed in April and the threat of more to come, the country's central bank said.
The central bank also said inflationary expectations among investors in Russian government bonds increased in June, which could have been linked to the decision to lift value-added tax from next year, Reuters reported.
The central bank said in a report on banking sector liquidity that investors now see annual inflation some 40 basis points higher than earlier thought until 2023.
