Russian Ruble Lost More Value Than Oil Since Oil Began to Decline in Late June

If you look at the table below, you'd note that the Russian ruble has actually lost more value than oil and hryvna against US dollar since oil began to decline in late June. Could the difference be partially explained by sanctions? I think so, but, overall, oil remains the single most predictor of Russian ruble's rate.

Brent/
USD
RUB/
USD
UAH/
USD
VEF/
USD
SAR/
USD
NGN/
USD
KWD/
USD
% change from 6/22/14 to
1/18/2015
-59.2% -46.2% -24.4% -0.06% -0.01% -11.4% -4%

Sources: EIA and Oanda.com

Here is a few more tables to illustrate the well-known dependence of these oil and gas producers on exports of, well,  oil and gas

Russia Venezuela Saudi Arabia Nigeria UAE Kuwait Kazakhstan
Share of revenues from oil and gas exports 50% 45% 80% 80% 80% 90% 60%

Sources: Reuters, EIA, Stratfor, Kvue.com

Foreign currency reserves as of late 2014

Foreign currency reserves as of late 2014 Russia Venezuela Saudi Arabia Nigeria UAE Kuwait Kazakhstan
$418bn $20bn $740bn $37.5bn $74.7 bn $33.4 bn $28.6bn

Price of oil per barrel needed for 2015 budget to break even

Russia Venezuela Saudi Arabia Nigeria UAE Kuwait Kazakhstan
Price of oil per barrel  needed for 2015 budget to break even $98 $117.5 $106 $122 $77 $54 $103

Sources: WSJ, Reuters, Bloomberg, Stratfor, New York Times.
 

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