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The European Central Bank has suspended the publication of its euro-ruble exchange rate, according to a Bank of Italy statement.
“Given current market conditions, the ECB is not able to determine an exchange rate that is representative of prevailing market conditions,” the central bank said in the statement. The last rate was published on March 1.
The ruble headed for a third day of losses as Russia pressed on with its invasion of Ukraine. Volumes are a fraction of their normal levels after Russia's central bank introduced capital controls earlier in the week and shuttered local stock trading for the longest stretch since 1998.
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