LONDON: 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.
He said that a strong ruble is in the interest of the Russian economy and that a weak currency “complicates economic restructuring and negatively affects people’s real incomes”. Days earlier, the central bank said that it would stop buying foreign currency on the domestic market until the end of the year to try to prop up the ruble and reduce volatility.
After Western countries imposed sanctions after the invasion of Ukraine in February 2022, the ruble plunged as low as 130 to the dollar, but the central bank enacted capital controls that stabilised its value. By last summer, it was in the 50 to 60 range to the dollar.
Source: Energy Industry News (energyindustrynews.net)
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