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    Russian Ruble

    Russian Finance Ministry Says Not Interested in Rapid Ruble Strengthening

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    The Russian Finance Ministry will reserve additional budget income if the oil prices rise above $50 per barrel in order to avoid the ruble rapidly strengthening, Finance Minister Anton Siluanov said Wednesday.

    MINSK (Sputnik) — The Russian economy suffered a setback in 2014, as the ruble lost about half of its value against the US dollar amid low global oil prices and Western economic sanctions imposed against Russia over the Ukrainian crisis.

    "We are not interesting in strengthening the exchange rate. In general, in a medium term perspective, there is a clear understanding that <…> if oil prices exceed $50, we will need to place additional income in reserves, thus avoiding a sharp exchange rate strengthening, as it happened a while ago," Siluanov told reporters.

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    ruble, Russian Finance Ministry, Anton Siluanov, Russia
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