September 27, 2022

The EU authorities recognized the resistance of the Russian ruble to sanctions

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The Russian ruble is well opposed to the sanctions imposed against Russia. This was stated by the High Representative of the European Union for Foreign Affairs and Security Policy Josep Borrell on Tuesday, April 5 on the air of the Spanish radio station COPE.

“The ruble has shown strong resilience. (Russian President Vladimir) Putin is now insisting that gas be paid in rubles to support the currency. Let’s see what happens,” Borrell said.

According to trading data on the Moscow Exchange, after the historical fall of the Russian currency on March 10 to 121 rubles per dollar and 132 rubles per euro, by April the Russian currency strengthened to 80 rubles per dollar and 92 rubles per euro.

Aleksey Antonov, an analyst at the brokerage company Alor Broker, said that the restrictions existing in Russia on the purchase and export of foreign currency and on operations with it, as well as a sharp drop in Russian imports, could lead to a dollar value of up to 30-50 rubles.

Gita Gopinath, First Deputy Managing Director of the International Monetary Fund (IMF), said on March 31 that the sanctions imposed on Russia threaten to gradually weaken the dollar’s global dominance.

On the same day, American investor Adam Townsend was surprised by the fact that the Russian ruble is strengthening against the backdrop of sanctions against the Russian Federation.

As Townsend pointed out, inflation in Russia is lower than in the countries of the European Union or the Organization for Economic Co-operation and Development. Thus, he had a question, to whom the sanctions caused more damage – the countries of the European Union and the United States, or Russia, against which they were introduced.

The regulator’s measures against the financial sector were introduced against the background of Western sanctions, tightened due to the operation to protect the Donbass, which Moscow announced on February 24. A few days earlier, the situation in the region escalated due to shelling by the Ukrainian military. Then the DPR and LPR announced the deterioration of the situation in the regions and the evacuation of civilians in the Russian Federation. In this regard, on February 21, Vladimir Putin, noting the critical nature of the situation in the republics, signed decrees recognizing their independence, as well as treaties on friendship, cooperation and mutual assistance.

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