The Russian currency is extending gains made last week after President Vladimir Putin demanded that natural gas exported to Europe be paid for in roubles, a move that has galvanised European countries into action.The Russian currency is extending gains made last week after President Vladimir Putin demanded that natural gas exported to Europe be paid for in roubles, a move that has galvanised European countries into action.
The currency lost nearly 40% of its value from the 2021 close as global curbs and sanctions kicked in in retaliation of Moscow’s invasion of Ukraine late last month.The currency, which had been free-floating until late February, is now steered by capital controls, a ban on buying cash dollars and euros and other administrative measures.
“Putin has been quite clear that he needs roubles for that gas. So, if it does happen, I think he goes via a third party. But we will have to wait and see how it pans out.” On the interbank market, rouble bids reached as strong as 75 against the dollar in the previous session and were hovering around 79 on Thursday.
Moscow Exchange said trading in foreign securities would be relaunched once transfers between Russia’s National Settlement Depository and international clearing houses Euroclear and Clearstream, which are currently blocked, had been resolved. The rouble-based MOEX Russian index rose 7.6% to 2,703.51 points. Shares of energy giant Gazprom leapt 12.3%.
Hit them hard Putin... sanctions by US is just a pinch but problem to those whom needs your oil🤣
Viva Putin Viva 💪💪💪
Iyaaaa Geo political economics lessons sanctions will be not effective pha kwa Phuthin
Putin is rocking
Ziyakhala