Russia is willing to "sacrifice" part of its budget to intervene in the foreign exchange market and weaken its currency, the ruble. This was stated by the Russian finance minister on Wednesday. The ruble is at its highest level since 2015. Before the Russian invasion of Ukraine, a dollar was worth more than 80 rubles, today only 52 rubles. This situation has been created by the measures taken by Moscow to protect the Russian economy against Western sanctions and by the fall in imports. However, a strong ruble is putting pressure on the Russian government as it undermines exports.
"The exchange rate of the ruble is vital for exporters, so we have decided within the government to study proposals on this next week," said Finance Minister Anton Siluanov during a forum with representatives from the business world. Profit from oil and gas The minister said the government is "willing to sacrifice part of the budget" by "using excess oil and gas revenues to intervene in the foreign exchange market" and contain the ruble. Specifically, this would involve buying currencies from "friendly" countries - which Moscow did not impose sanctions on after Russia's invasion of Ukraine - to weaken the ruble against foreign currencies, including the dollar and the euro. "I see that as the ultimate measure with the heavy artillery," said Siluanov, who emphasized that no final decision has been made yet. Economic Development Minister Maxime Rechetnikov already openly criticized his colleague's plan on Wednesday. "We do not see this proposal as a solution to the current situation," he said.
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