MOSCOW: The Russian rouble steadied above 100 to the US dollar on Tuesday as the international payments situation stabilised following the imposition of US financial sanctions last month.

By 0840 GMT, the rouble was flat at 104.50 against the dollar, according to over-the-counter market data from banks.

The rouble weakened by 0.7% to 13.96 against the yuan in trading on the Moscow Stock Exchange.

The rouble fell by as much as 15% against the dollar after US sanctions hit Russia’s third-largest lender Gazprombank, which handled payments for Russian energy.

The sanctions prompted panic buying of foreign currency.

The rouble has since regained some of the lost ground and stabilised above 100 to the dollar, seen by the market as the new equilibrium level, at which the Russian currency could remain for some time provided there are no new external shocks.

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The market was expecting support for the rouble from increased foreign currency sales by exporting companies, which need to buy roubles at the end of the month to make their corporate tax payments.

One-day rouble/dollar futures, which trade on the Moscow Stock Exchange and are a guide for the over-the-counter exchange rate, were flat at 102.96.

The Russian central bank set an official exchange rate at 102.91 to the dollar.