News Moving Markets and Exchange Rates: What Happened on July 8

Markets sent conflicting signals on July 8. The Russian ruble strengthened to almost ₽76 per US dollar, government bonds reached their lowest levels in more than a year, Polyus shares lost roughly a quarter of their value, and renewed tension near the Strait of Hormuz pushed oil sharply higher.

At the same time, Russia was preparing a new regulatory framework for cryptocurrencies. Here is how these developments were connected — and what they could mean for personal finances.

Polyus Lost Its Dividend Support

The management of Russia’s largest gold producer announced its intention to recommend that the board suspend dividend payments until 2030. The company cited its major investment programme, expensive debt financing, rising production costs and a heavier tax burden.

The market reaction was severe. Polyus shares fell by as much as 26.1% to ₽1,350 during the session, prompting the Moscow Exchange to hold a discrete auction because of the exceptional volatility.

At that stage, the company had not yet made a final decision to cancel its dividends. Investors nevertheless immediately began valuing the shares without several years of expected dividend income. Even a profitable business can be repriced sharply when the way it distributes cash to shareholders changes. Polyus’s official statement and market reaction data.

Russian Government Bonds Hit a One-Year Low

The MOEX Russia Government Bond Index, known as RGBI, had fallen below 111 points for the first time since June 2025. Amid elevated volatility, the Ministry of Finance cancelled the OFZ bond auctions scheduled for July 8, saying the decision was intended to help stabilise the market.

Yields on bonds with maturities of five years or longer stood at approximately 16.2–17% per year, while the Bank of Russia’s key rate was 14.25%.

The difference indicated that investors were demanding an additional premium for long maturities, inflation uncertainty and the risk of further government debt issuance. However, high OFZ yields do not automatically mean that a ruble devaluation is inevitable. They reflect increased market caution rather than a certain forecast. RGBI and yield data and the Bank of Russia’s rate decision.

The Ruble Strengthened as Government Currency Purchases Were Reduced

The official exchange rate for July 8 was ₽76.1258 per US dollar, compared with ₽77.9695 the previous day. On the interbank market, the dollar traded at approximately ₽76.8.

At the same time, the Ministry of Finance reduced its daily purchases of foreign currency and gold under the fiscal rule from ₽9.9 billion to ₽5.4 billion. Lower government demand for foreign currency may have provided additional support for the ruble.

For anyone planning to buy dollars, euros or USDT, a stronger ruble means paying fewer rubles for the same amount. However, ₽76 should not be treated as a guaranteed bottom: the exchange rate remains sensitive to oil prices, fiscal operations, interest rates and geopolitics. Official Bank of Russia exchange rate and Ministry of Finance operation data.

Renewed Tension Near the Strait of Hormuz Lifted Oil Prices

Following attacks on vessels and US facilities in the region, the conflict entered another round of hostilities. The risk of further disruption to tanker traffic through the Strait of Hormuz — one of the world’s most important oil routes — increased sharply.

Brent rose above $76 per barrel in early trading on July 8, gaining more than 3%. By the settlement, it had climbed 5.2% to $78.02.

Higher oil prices can normally support the ruble by improving Russia’s export revenues. However, military escalation also raises insurance and freight costs, disrupts logistics and increases demand for defensive assets. The currency market’s reaction can therefore be more complicated than the simple formula “oil rises, so the ruble strengthens.” Details — Reuters.

Russia’s Cryptocurrency Market Is Moving Towards New Rules

On July 8, the cryptocurrency regulation bill was still being prepared for its second reading. It was subsequently adopted, with its main provisions scheduled to take effect on September 1, 2026.

Non-qualified investors will be allowed to buy the most liquid cryptocurrencies through regulated intermediaries, subject to a limit of ₽300,000 per year with each intermediary. Qualified investors will not face the same limit. The use of cryptocurrency to pay for goods and services inside Russia will remain prohibited.

The legislation establishes an official framework for buying, selling, holding and accounting for digital assets, as well as rules for enforcement and legal protection. Some requirements, including the full launch of special registers, will take effect later. Overview of the adopted rules.

What Does This Mean for Your Money?

The main conclusion is that different assets no longer necessarily move in the same direction. The ruble can strengthen while Russian equities and bonds fall, and higher oil prices can coincide with greater geopolitical uncertainty.

That is why an exchange-rate headline alone is not enough when planning a transaction. It is important to confirm the available rate, settlement time, fees and exact final amount in advance.

📲 Need to exchange currency or cryptocurrency? Book your exchange and calculate the rate with @coinpoin_bot.

This material is for informational purposes only and does not constitute investment advice.