Rouble rises as oil gains offset concerns over Kremlin critic Navalny's imprisonment

MOSCOW: The Russian rouble opened slightly firmer ahead of three treasury bond auctions on Wednesday, supported by rising oil prices, but gains were limited by the jailing of Kremlin critic Alexei Navalny, which drew condemnation from western nations.

A Russian court on Tuesday handed Navalny a 3-1/2-year prison sentence, some of which is time already served under house arrest, a ruling the opposition politician blamed on President Vladimir Putin's personal hatred and fear of him.

At 0802 GMT, the rouble was up 0.2% against the dollar at 76.09 and had gained 0.1% to trade at 91.63 versus the euro.

"There is another complication for the stock market and the rouble in the face of yet another case against one of the opposition politicians who European and US embassies defend," said Otkritie brokerage without using Navalny's name.

However, markets remain cynical and if the rouble comes under pressure, then for the stock market it will come to a greater extent from Asian data, Otkritie added.

Navalny's imprisonment is seen straining already poor ties with the West, which is expected to consider imposing new sanctions on Moscow.

The Russian finance ministry is in focus as it will offer three OFZ bonds at auctions later on Wednesday. These bonds are popular among foreign investors for their lucrative yields.

Russian stock indexes were mixed, despite Brent crude oil , a global benchmark for Russia's main export, rising 1% to $58.05 a barrel, its highest since February 2020.

The dollar-denominated RTS index was down 0.3% to 1,395.2 points. The rouble-based MOEX Russian index was 0.3% higher at 3,370.6 points.