Currency market movements remained stable even after a speech by US President Joe Biden announcing restrictions on imports of crude oil from Russia, including gas and energy in the previous session.
The decision was also joined by the UK which said it would stop all imports of oil products from Moscow in stages until the end of 2022 to give time for markets and businesses to find a replacement.
Meanwhile, Russian President Vladimir Putin also decided to ban the export of products and raw materials out of the country until 31 December.
The announcement, however, received little reaction from the market as it was reported earlier in the week and the shock has pushed the European currency to its lowest level.
In the Asian session, the US eased slightly by hovering around a 22-month high, showing signs of easing risks in the market especially after Ukrainian President Vlodymyr Zelensky said that NATO was no longer his priority in an interview with ABC News.
This was followed by a slight movement of the euro currency from its lows as investors ’focus is now directed to the European Central Bank (ECB) policy meeting to be held on Thursday.
Meanwhile, the pound continued to hover around the same price following the announcement from the UK to also restrict oil imports from Russia.
