RUBLE EXCHANGE RATE
Russian central bank holds key rate steady ahead of election
In a recent decision, Russia's central bank opted to hold the benchmark interest rate at fourteen percent. Economic challenges have intensified due to heightened price pressures. Furthermore, Ukrainian drone attacks on oil refineries have resulted in fuel scarcity and price hikes. Positive news came from a reduction in the budget deficit, supported by dividend influxes and soaring oil prices.
Iran war drives Russian oil windfall as Urals crude hits highest level since 2023
Russia's Urals oil export blend hit its highest price since October 2023, reaching $94.87 a barrel for tax purposes this month. This surge, driven by disruptions from the Iran war impacting Persian Gulf supplies, significantly boosts the Kremlin's war economy. Higher oil revenues are enabling the government to replenish its reserves and postpone spending cuts.
Ruble’s world-beating rally poses new risk to Russian economy
Against all odds, the Russian ruble has risen impressively against the dollar, leaving officials astonished. This unexpected improvement is playing a crucial role in the wartime economy, showcasing the impact of reduced foreign currency demand and a stringent monetary policy.
Oil glut, strong ruble and sanctions wipe billions off Russia’s oil giants
Russian oil companies, including Rosneft, experienced a significant profit decline in the first half of the year. This downturn was attributed to lower crude prices, the strengthening ruble, and the impact of EU and US sanctions. The industry slump was further exacerbated by fears of a global oil glut and potential economic slowdown due to tariff policies.
Putin says no reason to panic over falling Russian ruble
Russian President Vladimir Putin assured there is no need for panic over the significant drop in the Russian ruble, attributing it to budget payments and oil prices rather than the conflict in Ukraine. The ruble fell sharply after US sanctions on Russian banks, exacerbating inflation and impacting citizens' spending power.
Russia wholeheartedly welcomes Modi-Xi meeting in Kazan which is important for Eurasian stability: Envoy
Russia is pleased about the first meeting in five years between PM Narendra Modi and President Xi Jinping in Kazan during the BRICS Summit. Russian Ambassador Denis Alipov highlights the importance of India-China relations for Eurasian security and discusses challenges and progress in establishing a ruble-rupee trade payment system despite U.S. pressure on Indian banks.
- Go To Page 1
Russia earns less from oil and spends more on war. So far, sanctions are working like a slow poison
The emergency interest rate increase in Russia cannot hide the dilemma at the heart of the Russian economy: how to fund the military while not undermining the national currency and overheating the economy with corrosive and politically embarrassing inflation.
Russia's ruble has tumbled. What does it mean for the wartime economy?
Until now, the government stood aside as the declining ruble helped its budget. But a weaker currency also poses the threat of higher prices for everyday people in Russia - and the government has finally moved to halt the drop.
Russia's central bank makes huge interest rate hike to try to prop up falling ruble
Russia's central bank made a big interest rate hike Tuesday, an emergency move designed to fight inflation and strengthen the ruble after the country's currency reached its lowest value since early in the war with Ukraine. The ruble has lost more than a third of its value since the beginning of the year as Moscow increases military spending and Western sanctions weigh on its income from energy shipments.
Russia's currency hits the lowest level since beginning of the war in Ukraine
The Russian ruble has reached its lowest value since the early weeks of the war in Ukraine as Western sanctions weigh on energy exports and weaken demand for the national currency. On Monday, the Russian currency passed 101 rubles to the dollar, continuing a more than 25% decline in its value since the beginning of the year and hitting the lowest level in almost 17 months.
Sanctions hit Russian economy, although Putin says otherwise
Benjamin Hilgenstock and Elina Ribakova, economists with the Institute of International Finance, estimated in a report released last month that if the European Union, Britain and the U.S. were to ban Russian oil and natural gas, the Russian economy could contract more than 20% this year. Current projections forecast a 15% contraction.
Russia's ruble rebound raises questions of sanctions' impact
The ruble is no longer rubble. While the West has imposed unprecedented levels of sanctions against the Russian economy, Russia's Central Bank has jacked up interest rates to 20% and the Kremlin has imposed strict capital controls on those wishing to exchange their rubles for dollars or euros.
India is considering rupee payments for trade with Russia
Spokespersons for the government and the Reserve Bank of India were not immediately able to comment, while representatives of SBI and UCO didn’t immediately respond.
EXPLAINER: What would a Russian bond default mean?
Ratings agencies say Russia is on the verge of defaulting on government bonds following its invasion of Ukraine, with billions of dollars owed to foreigners. That prospect recalls memories of a 1998 default by Moscow that helped fuel financial disruption worldwide.
Russia accuses West of seeking 'artificial default'
Ratings agency Fitch last week downgraded Russia's sovereign debt rating farther into junk territory, warning that the decision reflects the view that a default is "imminent."
View: Russian sanctions are biting harder than it could have imagined, and it'll get worse
These were the beginnings of what is sure to be the most significant financial crisis in Russia since the 1998 Russian financial crisis which brought it to its knees. So damaged was the Russian economy following that event that the Russian government would eventually ask the International Monetary Fund for food aid.
What does sanctions on Russian Central Bank mean?
Among the actions taken by the US and its allies, they have decided to disconnect sanctioned Russian banks from SWIFT- the global interbank payment settlement platform. Besides, the Russian Central Bank’s ability to defend the ruble to counter the impact of the sanction is curtailed
Ruble plummets as sanctions bite, sending Russians to banks
Russians wary that sanctions would deal a crippling blow to the economy have been flocking to banks and ATMs for days, with reports on social media of long lines and machines running out. People in some central European countries also rushed to pull money from subsidiaries of Russia's state-owned Sberbank after the Russian parent bank was hit with international sanctions.
ET in the classroom: How SWIFT curbs hurt Russia’s ability to defend Ruble
ET in the classroom: How SWIFT curbs hurt Russia’s ability to defend Ruble
Russia's central bank hikes key rate to 20 percent
"The Bank of Russia's board of directors has decided to raise the key rate to 20 percent," the central bank said in a statement. It said it was taking the emergency measure because the Russian economy's situation had "drastically changed".
Russian stocks retreat 33% in biggest rout, $200 billion wiped out
Russian assets nosedived as military attacks across Ukraine prompted emergency central bank action and investors braced for the toughest round of Western sanctions yet, wiping out almost $200 billion in stock-market value.
Russian stock market rout wipes out $250 billion in value
The military attack on Ukraine cast a shadow over global markets and sparked a fresh bout of risk aversion. Russian assets took the main blow after President Vladimir Putin ordered an operation to “demilitarize” Russia’s neighbor, prompting international condemnation and a U.S. threat of further “severe sanctions” on Moscow.
$40 oil could be a game-changer for Russia
If oil prices tumble below $40, then the Russian Central Bank could be inspired to interrupt its rate-cutting agenda.
The Russian Central Banker who Saved Economy from Abyss
It was December 16 the day Russian traders would later christen Black Tuesday and the ruble was in a freefall.
Russian economy restored to two-thirds of pre-crisis level: Vladimir Putin
Russian economy has been restored to two-thirds of its pre-crisis level, PM Vladimir Putin said in a documentary aired early this morning.
BRICs oppose US move to dilute currency controls: Russia
The BRIC countries are united in opposing US efforts to weaken or eliminate mechanisms to control currency fluctuations, Russia’s finance ministry said.
Fitch cuts Russian debt rating, sparks memories of '98 crash
Russia had its debt rating cut by Fitch Ratings for the first time in more than a decade as falling oil prices contributed to dwindling foreign currency reserves and record capital flight.
Russians rush to stock up dollars
The central bank has expanded the ruble’s trading band against a basket of dollars and euros, allowing it to drop 0.8 percent, said a spokesman who declined to be identified on bank policy.
Russia allows ruble to fall, stokes uncertainty
Russia's Central Bank eased its defense of the embattled ruble, which fell sharply and triggered a sell-off in stocks as the country faces its worst financial crisis in a decade.
Load More
