18 January 2016, 07:24 GMT
MOSCOW (Sputnik) – The exchange rate of the Russian ruble has dipped to 79 rubles to the dollar and 86 rubles to the euro for the first time since December 2014, according to currency exchange market trading statistics on Monday.
The dollar exchange rate to the ruble grew 1.40 rubles to 79 rubles, and the euro increased 1.34 rubles to hit 86.02 rubles on the wake of oil trading after sanctions were lifted from Iran.
The European Union and the United Nations have lifted their sanctions against the Islamic Republic after the International Atomic Energy Agency verified late on Saturday Tehran’s compliance with a nuclear agreement reached last July. The lifting of sanctions allows Iranian oil producers to re-enter the market.
Russia saw an economic downturn in 2014 after the United States and the European Union imposed economic sanctions on Moscow over its alleged involvement in the Ukrainian crisis, as well as the global slump in oil prices. The ruble lost about half its value against the dollar.
In late November 2015, the International Monetary Fund (IMF) said Russia’s economic outlook had been improving, with the country’s economy heading toward stabilization.
