Ruble hits over 2-year high vs euro as Russia halts some gas supplies

The rouble soared to a more than two-year high against the euro in Moscow trade on Wednesday, supported by existing capital controls and upcoming income tax payments, after Russia upped the ante in a gas dispute with Europe.

Russia halted gas supplies to Bulgaria and Poland for rejecting its demand for payment in roubles, taking direct aim at European economies in its toughest retaliation so far against international sanctions over Moscow's actions in Ukraine.

By 1418 GMT, the rouble had gained 1.8% to trade at 75.43 versus the euro, its strongest since early March 2020.

It was 1.1% stronger against the dollar at