Finance News

Russia is going to take some more steps to consolidate the ruble

Russia’s currency, the ruble, has appreciated. On Thursday, 65 rubles were found against the US dollar and 71 rubles against the euro. This is the highest price since February 19. This means that the Russian currency is beginning to recover from the outbreak of war and sanctions. News RT.
The United States and its allies have been imposing sanctions on Russia since the start of the war in Ukraine. In particular, the West has taken various steps to limit Russia’s free trade opportunities through the global ruble. One of them was the seizure of Russia’s foreign exchange reserves.
As a result, it has become difficult for Russian banks to maintain the value of the ruble by selling foreign currency. As a result, the Russian currency, the ruble, depreciated at an unprecedented rate. At 15 days after the start of the war, 150 rubles could be found for 1 dollar.
In contrast, the Russian government has taken various steps, including capital controls, to stabilize the embargoed economy. Russia has banned the sale of Russian assets held by foreigners and forced exporters to sell hard currency. These measures have helped Russia recover from the collapse of the currency.
A few days ago, President Putin announced that those who had imposed sanctions would have to pay only rubles to buy Russian gas. Although most EU countries oppose the decision, Hungary and Slovakia have agreed to Russia’s terms.
Hungarian Prime Minister Viktor Orban on Wednesday said he was opposed to any EU sanctions on Russia’s energy. He also said that Russia would accept new terms for paying the ruble. Urban added that his country would not follow the US lead against Russia, as it would create an unbearable burden for Hungary.
Russia is going to take some more steps to consolidate the ruble. The country has already said it will make rules for paying rubles in rubles for all Russian products in the future.