Russian sales of foreign currency Wednesday boosted the rouble by 3 percent against the dollar (to 65.52) and 4.2 percent against the euro (at 81.5). This step came after the emergency hike of the key interest rate from 10.5 to 17 percent Tuesday failed to stem the currency’s loss of 21 percent in two days this week.
The crisis had a tangible impact on Europe’s financial centers. In early Wednesday trading, European shares fell 0.9 percent, hurt by a further drop in oil prices and Russia’s financial crisis.
Brent futures fell more than 1 percent, down for a sixth straight session, with worries of a supply glut keeping prices under $60 a barrel.
Even so, Russian Energy Minister Alexander Novak has said that Moscow would not cut output in 2015 despite a glut in the market – even if pressure on its finances placed the economy under further severe stress.
Technology giant Apple has stopped online sales to Russia of iPhones, iPads and othe products, saying the rouble's value is too volatile for it to set prices.