Ruble hit by sanctions, MNB to change tack

The Russian ruble came under pressure this week as investors worried that US sanctions will be ramped up. For now, though, we don’t think that this will have a significant near-term impact on the economy. Elsewhere, the dovish stance taken by Hungary’s MPC earlier this week came as no surprise, but there’s a good chance that policymakers will hint that they’re about to rein in ultra-loose monetary policy at next month’s meeting.