Russian Ruble Edges Lower Amid the Government's Resignation

The resignation of Russia’s government comes in the wake of President Vladimir Putin’s speech to the Federal Assembly, in which the Russian head of state outlined a number of "fundamental changes" to Russia's Constitution.

The Russian currency displayed a degree of resilience even as Prime Minister Dmitry Medvedev announced his government’s resignation.

The US dollar and the euro both posted slight gains against the ruble during the day (up by 0.59 percent and 0.71 percent respectively), the currency remained reasonably steady.

At the same time, the value of several Russian companies’ stocks traded on the London Stock Exchange, including Gazprom, Lukoil and Sberbank, dropped slightly as news of the upheaval in Russian politics arrived.

The resignation of the Russian government was announced by Prime Minister Dmitry Medvedev on 15 January, following President Vladimir Putin’s speech to the Federal Assembly earlier in the day where he announced a number of "fundamental changes" to Russia's Constitution.

Said changes include increasing parliament’s powers to appoint members of the government, including the prime minister, who is currently appointed directly by the president.