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Russian assets boosted by impasse at Iran nuclear talks

The rouble and Russian shares gained on Wednesday, boosted by a rise in oil prices as talks over Iran's nuclear programme dragged on, curbing hopes of an immediate deal.

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The rouble and Russian shares gained on Wednesday, boosted by a rise in oil prices as talks over Iran's nuclear programme dragged on, curbing hopes of an immediate deal. The rouble was up 1.3% to 57.43 against the dollar at 1520 GMT and up 0.9% at 61.89 versus the euro.

The rouble-based MICEX share index was up 1.9% to 1,656 points. The dollar-based RTS index was up 3.2% at 909 points. Russian assets were following the gains by oil. The international benchmark Brent was up 2.7% to around $56.6 per barrel.

The rouble and Russian shares gained on Wednesday, boosted by a rise in oil prices as talks over Iran's nuclear programme dragged on, curbing hopes of an immediate deal. The rouble was up 1.3% to 57.43 against the dollar at 1520 GMT and up 0.9% at 61.89 versus the euro.

The rouble-based MICEX share index was up 1.9% to 1,656 points. The dollar-based RTS index was up 3.2% at 909 points. Russian assets were following the gains by oil. The international benchmark Brent was up 2.7% to around $56.6 per barrel. Investors had been concerned that sanctions against Iran being eased, leading to more oil being sold on the international market. Oil is Russia's chief export and a key driver for its financial markets.

But a delay in concluding the talks and signs of disagreement have curbed expectations of an imminent deal. "Today the main theme on the market was the course of negotiations with Iran about the nuclear programme," Golden Hills Capital analyst Nataliya Samoilova said in a note. "The understanding that Iran may not enter the (oil) market with full volume has supported a turn-around of Brent, and with it the position of the rouble."  

Investors had been concerned that sanctions against Iran being eased, leading to more oil being sold on the international market. Oil is Russia's chief export and a key driver for its financial markets. But a delay in concluding the talks and signs of disagreement have curbed expectations of an imminent deal.

"Today the main theme on the market was the course of negotiations with Iran about the nuclear programme," Golden Hills Capital analyst Nataliya Samoilova said in a note. "The understanding that Iran may not enter the (oil) market with full volume has supported a turn-around of Brent, and with it the position of the rouble."  

Also Read: Progress made at Iran nuclear talks, deal possible: Germany

 

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