EUR/RUB FX Forward Swap Pts — a derivative financial instrument that consists of two simultaneously concluded and opposing conversion transactions with different value dates (typically a spot and a forward transaction). The price of such an instrument is expressed in swap points, which represent the difference between the forward and spot rates and reflect the interest rate differential between the Euro and the Russian Ruble. A currency swap is not used for the direct future exchange of currencies but primarily for managing currency liquidity, rolling over existing forward positions, or for arbitrage operations.