Eastern Europe

Russia’s currency is still trading strongly at 81 roubles to the US dollar at the time of writing and so continues to hinder exports. Although the market has begun to adjust to this currency situation, exports remain slow.

On May 6, the EU presented its roadmap for weaning itself off Russian energy by 2027 - an initiative which is likely to create significant movements in terms of currency and Russian oil prices. Meanwhile, the 16^th package of EU sanctions targeting aluminium has prompted exporters to seek out alternative routes for their material - either with regard to sales or logistics.

US President Donald Trump’s statements aimed at putting an end to the Russia-Ukraine conflict have not resulted in much action. Therefore, their potential effect on the two markets has already played out.