In 2021, geopolitical uncertainty and the risk of new sanctions from Western countries will continue to play an important role for the ruble. It depends on what they will be, whether the ruble will fall to a new historical minimum, says stock market expert Babin.

According to his opinion, the Russian market has already developed “a certain immunity” to the sanctions factor. Therefore, if the new anti-Russian economic measures continue to have exclusively personal character or only affect small companies, and the situation on the world markets does not substantially worsen (if Brent oil remains in the $60-70 corridor), the ruble is able to return to nine-month maximum – about 72.5 rubles per dollar, as noted by Babin.

“If the new sanctions affect certain sectors of the Russian economy, the debt market or large business, this can cause a decline in the ruble. Up to new historical minimus – 86 rubles per US dollar, depending on the degree of potential harm from new anti-Russian measures. But the scenario of tough sanctions is not basic,” the expert concluded.