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Sanctions against Russia depress Moscow rental income

European, US companies have pulled workers out of the country; rouble down 11% against euro

London

TIMUR Pankov was effectively living rent-free in Paris nine months ago, because the cost of his apartment was covered by the income from his Moscow property.

Russia's incursion into Ukraine has made the arrangement a lot less attractive.

The rouble has slumped by 11 per cent against the euro since March 1, when President Vladimir Putin asked parliament for the right to send Russian forces abroad after troops took control of administration buildings in Crimea. Since then, the rent Mr Pankov can charge for his Moscow place has tumbled about 20 per cent. He now receives the equivalent of 970 euros (S$1,570) a month from the property while paying 1,400 euros for his two-bedroom apartment in the...

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