RUB is bearish; Barclays

Quotes from Barclays Capital:

-A new peace deal for Eastern Ukraine and modest rebound in oil prices are likely to provide short-term support for the RUB.

-However, the situation regarding Ukraine remains fluid, in our view, while fundamental factors behind RUB fragility (sanctions restricting external financing, deepening recession, potential loss of IG-status) persist.

-Hence, we maintain our bearish medium-term view until the oil price outlook meaningfully improves and more tangible progress towards the resolution of Ukraine conflict is made.