Russia’s central bank on Friday slashed its key interest rate by three percentage points to a still-high 17 percent, justifying the move by saying that risks to financial stability had softened as emergency measures brought deposits back to banks and helped quell inflationary pressures. The 300 basis point drop will go into effect on April…
Russia Cuts Key Interest Rate in Sign of Confidence in Sanctions-Hit Economy
April 8, 2022
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Russia Says Ruble Appreciations Poses No Threat to Fiscal Policy
April 8, 2022
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The recent sharp strengthening of the ruble “does not pose a risk to Russia’s fiscal policy,” the finance ministry said on Thursday. The ruble firmed sharply in Moscow trade on Thursday to levels last seen before Russia sent tens of thousands of soldiers to Ukraine. The appreciation of the ruble “impacts oil and gas revenues…
Russia Wants to Pay Debts in Chinese Yuan, Dollar Still Dominant
News Analysis The West has rejected Russian President Vladimir Putin’s demand that gas payments be made in rubles. China is offering the yuan, but prospects are dim. On March 23, Moscow listed 48 countries as “unfriendly” and said it would require these countries to pay for commodity purchases in rubles. Those countries— including European Union…
Russian Gas Keeps Flowing to Europe as Putin’s Roubles-for-Gas Deadline Arrives
April 1, 2022
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Russian gas continued to flow to Europe on April 1, the deadline set by Russian President Vladimir Putin for customers from “unfriendly” countries to start paying for deliveries in roubles or risk being cut off. Russian state-owned energy giant Gazprom said it was continuing to supply natural gas to Europe, Reuters reported. Putin on Thursday signed…
Putin Wants ‘Unfriendly’ Countries to Pay for Russian Energy in Rubles
March 23, 2022
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Russia’s President Vladimir Putin said Wednesday that he wants “unfriendly” countries to start paying for Russian energy using rubles, a move that could strengthen the value of the weakened Russian currency. Putin made the remarks at a meeting with members of his government, according to a video of his statement provided by state-backed media outlet RT. “We…
Russia May Use Rubles for US Dollar Debt; Conflict Halts Half of World’s Neon Supply | NTD Business
Russia is saying it may pay its foreign debt in rubles instead, not in their original currency, after Western sanctions freeze some of its assets. The war is hitting the neon supply in Ukraine and halting half the world’s output for chips. The crucial chip ingredient may have to be found elsewhere for now. China is locking…
China Eases Control to Let Ruble Fall Faster Against Yuan
March 10, 2022
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BEIJING—The Chinese regime is easing exchange rate controls to let the Russian ruble fall faster in value against the Chinese yuan to help insulate Beijing from economic sanctions on Moscow. The margin by which the ruble is allowed to fluctuate against the yuan in state-controlled daily trading will be doubled in size to 10 percent…
Russia Doubles Interest Rate to Boost Crashing Ruble as Sanctions Bite
February 28, 2022
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Russia’s central bank has more than doubled its key interest rate and taken emergency capital control measures to try stem the collapse of its currency and shore up financial stability as tough Western sanctions over the Kremlin-ordered invasion of Ukraine sent the ruble plummeting. The Bank of Russia, the country’s central bank, on Feb. 28…
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