Russia, facing sanctions from the West for its invasion of Ukraine, will now export grains to other nations only in exchange for rubles. In addition to grains, the Russian government has added sunflower oil and extracted meal to the list of export items to be paid in rubles. A resolution to this effect was adopted…
Russia Imposes Ruble Restriction on Countries Buying Wheat and Sunflower Oil
July 3, 2022
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Business & MarketseconomyEuropeInternationalMarketsRussia-Ukraine WarRussian rubleRussian sanctionssunflower oilwheat exportWorld
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The Russian Ruble ‘Strength’ and the Sanction Challenge
Commentary There are numerous headlines showing the surprising recovery of the Russian ruble against the U.S. dollar and the euro. By the first week of April, the Russian currency had recovered all the losses against the greenback and the euro area currency. Obviously, there’s an important difference that needs to be considered. Massive capital controls…
Austria Announces Emergency Measures, Follows Germany as Apprehension Grows Regarding Russian Gas Supply
March 31, 2022
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Business & Economyeconomic policiesEuropeMarketsRussia-Ukraine WarRussian Oil TradeRussian rublesanction Russian oil importWorld
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The Austrian government and E-Control—the country’s regulatory agency for gas and electricity—have announced a stage one alert with regard to the supply of natural gas as European countries rejected Moscow’s push for gas to be paid in rubles. Austria’s gas emergency plan has three levels. The first level is triggered if there are reliable indications…
Russia Won’t Immediately Make ‘Unfriendly’ Buyers Switch to Ruble Gas Payments: Kremlin
March 31, 2022
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Business & EconomycommoditieseconomyEuropeMarketsRussiaRussia-Ukraine WarRussian natural gasRussian rubleWorld
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Russian officials have said the country won’t immediately demand that buyers pay for its natural gas exports in rubles after President Vladimir Putin said earlier that “unfriendly” countries must do so. Putin issued an order March 23 for Russian gas to be purchased in rubles instead of dollars or euros, directing the Russian central bank, the government,…
Moscow Will Consider Bitcoin, Gold, and Ruble Payments for Natural Gas
Russia is open to being paid for its energy products in gold, local currencies, and even Bitcoin, Pavel Zavalny, head of the energy committee in the lower house of the Russian Legislature, said during a March 24 press conference. The minister pointed to China and Turkey as “friendly” nations who have not yet applied sanctions on…
Moscow Restarts Trading in Government Bonds, ‘Russian Version’ of Quantitative Easing Underway
Russia restarted trading in federal government bonds (OFZ) on March 21, almost a month after the Moscow Exchange was shut down on Feb. 25 following the invasion of Ukraine. An open auction for all OFZ issues was scheduled to be held from 10 to 11 a.m. Moscow Time on March 21, the Bank of Russia…
Russian Ruble Drops to Record Low Against US Dollar, Euro Falls Against Safe Havens as Putin Invades Ukraine
The Russian ruble tumbled to a record low against the U.S. dollar on Thursday after Russian President Vladimir Putin announced a “special military operation” in Ukraine that could trigger tougher sanctions from the West. The ruble dropped to as low as 89.98 per dollar and is currently at 84.46 against the greenback as investors ditch the Russian currency and turn to safe-havens. Meanwhile, the euro fell…
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