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The Russian ruble experienced a sharp decline on Wednesday, reversing recent gains. This drop follows the EU's proposal for a new sanctions package targeting Russian banks and energy exports, including a potential reduction in the price cap on Russian oil to $45 per barrel. Analysts attribute the ruble's weakness to the sanctions, lower oil revenues, and seasonal factors. Concerns are growing about the impact on Russian oil exports and the country's budget. While the ruble partially recovered later in the day, some experts predict further weakening in the coming months.

Prepared by Christopher Adams and reviewed by editorial team.