October 2, 2022

Hardwood Paroxysm

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The war between Russia and Ukraine, the ruble reached its highest level in more than two years. Moscow price lists also rose: +13% in one month

While waiting to be understood whether the European Union will find some agreement on the sixth package of sanctions and the Russian oil embargo, the ruble is rising. It is rising and reaching its highest value in more than two years, since March 2020. To get 1 dollar, you need 65 rubles nowBefore the invasion of Ukraine the exchange rate was 85 rubles per dollar. The peak was reached on March 7 at an altitude of 140, then a gradual decline to current values. Meanwhile, the Russian Central Bank cut interest rates twice, bringing them from 20 to 14%. A move that should have weakened the national currency. Russian stock indices also rose. The dollar-denominated RTS is up 2.5%, last month’s gain 13%.

A few days ago, Moscow managed to do this Avoid defaulting by paying in dollars (not in rubles) by contract, approx. 600 million coupons on its securities The country is denominated in foreign currency. Moreover, there appears to be the first accession to the new payment mechanism the Kremlin has imposed on those buying Russian gas and oil. Buyers are required to open a taken accountGazprombank Payments are to be made in dollars and euros. The bank, which is not subject to sanctions at the moment, is embarking on it Exchange amounts in rubles in the Central Bank of Russia. Russia uses this system to bring foreign currency home, preventing them from being frozen on accounts held abroad as has already happened Half the reserves of the central bank. Subsequent conversion helps the ruble to defend its exchange rate. If Europe hesitates Struggling to find a firm stance on the oil embargo and gas payment methods, the ruble can continue to benefit from these measures.

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