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TNT: SpiritBear:  Russia’s ruble hit its strongest level in 7 years despite massive sanctions.

Here’s why

KEY POINTS

Russia’s ruble hit 52.3 to the dollar on Wednesday, an increase of roughly 1.3% on the previous day and its strongest level since May 2015.

 

The ruble has actually gotten so strong that Russia’s central bank is actively taking measures to try to weaken it, fearing this will make the country’s exports less competitive.

 

Russia’s ruble hit 52.3 to the dollar on Wednesday, its strongest level since May 2015. On Thursday afternoon in Moscow, the currency was trading at 54.2 to the greenback, slightly weaker but still near seven-year highs.

 

That’s a world away from its plunge to 139 to the dollar in early March, when the U.S. and European Union started rolling out unprecedented sanctions on Moscow in response to its invasion of Ukraine.

 

The ruble’s stunning surge in the following months is being cited by the Kremlin as “proof” that Western sanctions aren’t working.

 

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KTFA:

 

Samson:  A newspaper talks about a gradual transition to national currencies in trade between Russia and Turkey

 

8th August, 2022

 

“Mallit” newspaper talked about the tendency of Russia and Turkey to switch to national currencies in their trade dealings, explaining the stages of transition, especially after the meeting of the Russian and Turkish presidents last week.

 

The Turkish newspaper “Milliyet” reported that the Russian currency will be used mainly in natural gas payments between Russia and Turkey, and then it is expected that the national currencies will be fully used in trade between them.

 

A report of the newspaper stated: “After the meeting between Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan (last week in Sochi), it is scheduled that the Russian ruble will be used mainly in payments for Russian natural gas to Turkey, followed by the introduction of the Turkish lira and the ruble in commercial transactions between the two countries instead of the dollar and the euro.” The Turkish newspaper added, “The transition to national currencies in trade transactions between Russia and Turkey will protect Turkey’s foreign exchange reserves.”

 

And at the end of last week, Russian Deputy Prime Minister Alexander Novak revealed, after the meeting of the two leaders, that Putin and Erdogan had agreed to sell part of Russian gas to Turkey in rubles. He said: “The gas supplies to Turkey were discussed, which are supplied in fairly large quantities: 26 billion cubic meters annually. During the negotiations, the two presidents agreed that part of the gas supply would be paid for in rubles.

 

“We are talking about a gradual transition to national currencies, and in the first stage, part of the supplies will be paid in Russian rubles,” he added.   LINK

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