The ruble depreciated against the dollar for a seventh day, poised for its weakest closing level in more than three months as oil, Russia’s main export, declined. Yields on the country’s international bonds fell. The ruble lost 0.3 percent to 30.3 per dollar as of 11:11 a.m. in Moscow, heading for the weakest closing position since Jan. 30. The Russian currency was little changed at 39.05 per euro and 34.2347 against the central bank’s target dollar-euro basket. Brent crude dropped 0.5 percent to $111.67 per barrel after Saudi Arabia’s petroleum minister said the oil blend should trade at about $100 a barrel. Greece failed to agree on a unity government and officials in the region considered the nation’s possible exit from the euro, a sign demand for the commodity in Europe may decline. The European Union is Russia’s largest trading partner. “The ruble has so far been relatively immune to the general sell-off in Europe, the Middle East and Africa, but this will probably not last long,� Benoit Anne, head of emerging- markets strategy at Societe Generale SA in London, wrote in an e-mailed note. “There is ample room for a violent correction in the period ahead, especially if the oil price continues to go south.� Investors increased bets on the ruble weakening, with non- deliverable forwards showing it at 30.7316 per dollar in three months, compared with expectations of 30.6070 per dollar on May 11. Russia’s $2 billion of Eurobonds due 2015 rose for the first day in five, lowering the yield by three basis points to 2.175 percent. Similar-maturity dollar-denominated bonds issued by OAO Sberbank, Russia’s largest lender, yielded six basis points less than on May 11 at 3.384 percent, while state gas monopoly OAO Gazprom’s 2015 Eurobonds were little changed with the yield at 3.523 percent. To contact the reporter on this story: Jack Jordan in Moscow at jjordan22@bloomberg.net To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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