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Canadian Prime Minister Justin Trudeau has announced several support measures for Ukraine, including military, economic and humanitarian assistance, while also pledging an additional show of diplomatic backing through steps intended to punish Russia over the war. Canada will provide Ukraine with 50 armored vehicles, including armored medical evacuation vehicles built in London, Ontario. The multiyear support also will include a financial contribution to a U.K.-led consortium delivering air defense equipment to Ukraine, Trudeau said. Canada’s monetary support will continue into the 2024 fiscal year, while the governments also have signed a free trade agreement, Trudeau said. “We stand here absolutely united in our defense of democracy and our condemnation of (Russian President) Vladimir Putin’s unprovoked, unjustified and unconscionable invasion of Ukraine,” Trudeau said.

Persons: Justin Trudeau, “ We’re, ” Trudeau, Volodymyr Zelenskyy, Zelenskyy, Joe Biden, Trudeau, Vladimir Putin’s Organizations: Canadian, Ukrainian, Ottawa, U.S, General, Russian Central Bank, Leopard Locations: Ukraine, Russia, Ottawa, Washington, Canada, London , Ontario, russia, ukraine

☆ Yellen Signals Support for Windfall Tax on Frozen Russian Assets
▼ + stars: | 2023-09-21 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +1 min

WASHINGTON (Reuters) - U.S. Treasury Secretary Janet Yellen has voiced support for a European Union plan to impose a windfall tax on profits generated by frozen Russian sovereign assets, calling it a “sensible” way to help finance the reconstruction of Ukraine, a Treasury spokesperson said on Thursday. Yellen, who discussed frozen Russian assets with Ukrainian officials during her visit to Kyiv in February, told Bloomberg News reporters and editors that Washington was discussing the idea with the EU, the spokesperson said. Yellen has repeatedly voiced support for Ukrainian demands that Russia should pay for the damage it has done to Ukraine, but has also pointed to significant legal obstacles halting moves to fully seize the $300 billion in Russian central bank assets frozen by sanctions. EU officials have estimated that the windfall profit from Russia's frozen assets in Europe could provide 3 billion euro ($3.27 billion) a year to rebuild Ukraine. (Reporting by Andrea Shalal in Washington and Lavanya Ahire in Bengaluru)

Persons: Janet Yellen, Yellen, Washington, Andrea Shalal, Lavanya Organizations: WASHINGTON, . Treasury, Bloomberg News, EU Locations: Ukraine, Kyiv, Russia, Russian, Europe, Washington, Bengaluru

☆ Opinion | How to Make Russia Really Pay for Invading Ukraine
▼ + stars: | 2023-09-19 | by ( Bret Stephens | ) www.nytimes.com time to read: +1 min

Volodymyr Zelensky will visit Washington this week to give thanks to the United States for its generosity — while asking for $24 billion more, which is what the Biden administration is seeking from Congress in additional military and humanitarian aid to Ukraine. That will bring the total amount of American aid to $135 billion, which so far has been $223 million a day since the war began, according to one calculation. Maybe it’s time to open a new funding source before American largess runs out — this time from Russia. As the former Treasury secretary Larry Summers has put it, “Bank robbers should not expect banks to honor their safe deposit boxes.”So far, the Biden administration has disagreed. “It would not be legal now in the United States for the government to seize” Russia’s assets, Janet Yellen, the Treasury secretary, said in May 2022.

Persons: Volodymyr Zelensky, Biden, Larry Summers, Janet Yellen Organizations: Bank, Economist Locations: Washington, United States, Ukraine, Russia, Russian

National flag flies over the Russian Central Bank headquarters in Moscow, Russia May 27, 2022. On Friday, it gave hawkish guidance that it would consider further rate increases at upcoming meetings and said inflationary risks remained significant. The central bank adjusted its year-end forecast for inflation to 6.0-7.0% from 5.0-6.5%. "Russia's central bank is a hawkish institution that takes its commitment to inflation fighting seriously," said Senior Emerging Markets Economist Liam Peach. Central Bank Governor Elvira Nabiullina will shed more light on the bank's forecasts and policy in a media briefing at 1200 GMT.

Persons: Maxim Shemetov, jacking, Liam Peach, Central Bank Governor Elvira Nabiullina, Alexander Marrow, Elena Fabrichnaya, Darya Korsunskaya, Maria Kiselyova, Amruta Khandekar, Andrew Osborn, William Maclean, Catherine Evans Organizations: Russian Central Bank, REUTERS, Kremlin, Capital Economics, Central Bank Governor, Thomson Locations: Moscow, Russia, Russian, Ukraine MOSCOW, Ukraine, London

☆ Russian c.bank governor speaks against reintroducing currency restrictions
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

Elvira Nabiullina, Governor of Russian Central Bank, speaks to the media during the conference "10 years of the Megaregulator: yesterday, today, tomorrow" in Moscow, Russia September 1, 2023. REUTERS/Evgenia Novozhenina/File photo Acquire Licensing RightsMOSCOW, Sept 15 (Reuters) - Russian Central Bank Governor Elvira Nabiullina spoke out against reintroducing currency controls after hiking rates to 13% on Friday, warning that such steps were inefficient and ultimately would be circumvented. Nabiullina said that discussions about currency restrictions were underway, but were largely for the government to decide. "Administrative restrictions, if they are effective... then they are usually effective only for a limited time," Nabiullina said. Similarly, she said, repatriating FX revenues from foreign banks to Russian ones would have no impact on the rouble rate.

Persons: Elvira Nabiullina, Evgenia, Russian Central Bank Governor Elvira Nabiullina, Nabiullina, Vladimir Putin, Elena Fabrichnaya, Alexander Marrow, Vladimir Soldatkin, Anastasia Lyrchikova, Mark Trevelyan Organizations: Russian Central Bank, REUTERS, Rights, Russian Central Bank Governor, Bank of Russia, Thomson Locations: Moscow, Russia

☆ Russian c.bank chief Nabiullina and her deputy on rates, inflation and the economy
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +8 min

NABIULLINA ON ROUBLE WEAKENING:"Of course, we take into account that the weakening of the exchange rate is a pro-inflationary factor. And about 90% of the converted foreign exchange earnings of the company continue to be sold. Having sold their foreign exchange earnings, exporters have the opportunity to buy it back in the volumes in which they deem necessary. NABIULLINA ON REPATRIATION OF FOREIGN CURRENCY PROCEEDS:“The second topic is the repatriation of foreign currency earnings, the transfer of foreign currency funds from foreign banks to Russian ones. NABIULLINA ON UNPLANNED RATE INCREASE ON AUGUST 15:“This was not a reaction to (the rouble exchange rate) reaching any specific level.

Persons: Elvira Nabiullina, Alexei Zabotkin, ” Organizations: Central Bank, Reuters, Thomson Locations: MOSCOW, Russian

☆ More trouble for the Russian economy ahead: It just significantly raised its inflation forecast, despite Putin saying price hikes are hurting businesses
▼ + stars: | 2023-09-13 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Russia's economy ministry has raised the country's 2023 inflation forecast from 5.3% to 7.5%, per TASS. Russia's economy and the ruble's value have been hit by the war in Ukraine, driving up inflation. Russian President Putin said on Tuesday high inflation is making it "practically impossible" for businesses to make plans. Russian inflation accelerated 5.15% year-over-year in August, well above the central bank's 4% annual inflation target. Analysts polled by Reuters are largely expecting Russia's central bank to hike rates again later this week to support the ruble and tame inflation.

Persons: Putin, Vladimir Putin isn't Organizations: Service, TASS, Ukraine, Moscow, Eastern Economic, Reuters, Kremlin Locations: Ukraine, Wall, Silicon, Russian, Vladivostok

☆ Russia wants to recruit 420,000 soldiers despite the country being crippled by labor shortages, UK intel says
▼ + stars: | 2023-09-11 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +3 min

Russia is hoping to draft 420,000 military personnel by the end of the year, according to UK Intelligence. But Russia has worsening labor workforce shortages back home, one Russian survey said. The UK MOD said Russia's conscription has "negative effects on its industry workforce". The UK MOD pointed out that Medvedev's figure cannot be independently verified. "This shows that mobilization and conscription within Russia has worsened non-defence workforce shortages," it said.

Persons: Dmitry Medvedev Organizations: Intelligence, MOD, Service, Gaidar Institute for Economic, British Ministry of Defence, Russia's Security, Reuters, —, Russian, Kommersant, Washington Post Locations: Russia, Wall, Silicon, Ukraine, Russian

☆ As war grinds on, HSBC halts Russia payments
▼ + stars: | 2023-09-08 | by ( Iain Withers | ) www.reuters.com time to read: +2 min

HSBC Bank logo is seen in this illustration taken March 12, 2023. "We have therefore reached the decision to restrict commercial payments by our corporate entity customers to or from Russia and Belarus through HSBC," a HSBC spokesperson said. Business customers have been informed the bank no longer intends to process the payments, the spokesperson added, rolling out globally from this month. HSBC has announced an exit from Russia, but the planned sale of its unit to local lender Expobank has hit delays and is pending final regulatory approval. The United States has pushed for harsher action against banks with Russia links, while China in contrast has deepened economic ties with Russia.

Persons: Dado Ruvic, Expobank, Iain Withers, John O'Donnell, Philippa Fletcher Organizations: HSBC Bank, REUTERS, HSBC, Belarus, Business, Nikkei, SWIFT, Raiffeisen Bank, United, Thomson Locations: Russia, Belarus, Ukraine, Europe's, China, United States, Hong Kong, Moscow, Europe, Russian

☆ Russia says it will not let foreign banks exit the market easily — unless they unfreeze Russian assets
▼ + stars: | 2023-09-04 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Russia's deputy finance minister said the country will not let foreign banks exit the market easily, per Reuters. Russia's decision to allow the banks to leave will "depend on the decision to unfreeze Russian assets," he said. It is not clear how many of these Russian assets were frozen by Western banks. AdvertisementAdvertisementMoiseev said at the Friday forum that there's one foreign bank applying to sell its assets in Russia, per Reuters. That jumped to nearly $10 billion at the end of March 2023, per the FT.AdvertisementAdvertisementRussia's finance ministry, Kyiv School of Economics, Bank of China, Industrial & Commercial Bank of China, China Construction Bank, and Agricultural Bank of China did not immediately respond to requests from Insider for comment.

Persons: Alexei Moiseev, Vladimir Putin's, it's, —, Moiseev, Raiffeisen Organizations: Reuters, Service, Yale University, Raiffeisen, Kyiv School of Economics, Bank of China, Industrial, Commercial Bank of, China Construction Bank, Agricultural Bank of, Financial Times, Agricultural Bank of China Locations: Russia, Wall, Silicon, Russian, Ukraine, Moscow, Commercial Bank of China, China, Agricultural Bank of China

☆ Russia says it won't let foreign banks leave easily
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +1 min

Russian Deputy Finance Minister Alexei Moiseev attends a session of the annual international military-technical forum "ARMY" at Patriot Expocentre in Moscow Region, Russia August 22, 2018. REUTERS/Maxim Shemetov/File photo Acquire Licensing RightsMOSCOW, Sept 1 (Reuters) - Russian Deputy Finance Minister Alexei Moiseev said on Friday that the government would not allow foreign banks to leave Russia easily. "We have stated our position and it stands - we will be tough in letting foreign banks go, it will depend on the decision to unfreeze Russian assets," Moiseev said, speaking at a forum. Responding to questions about applications to sell assets, Moiseev said Austria's Raiffeisen Bank (RBIV.VI) had not made such a request. "I am aware of one foreign bank's application to sell assets ... which is under consideration by the government commission," he said.

Persons: Alexei Moiseev, Maxim, Moiseev, Austria's, Elena Fabrichnaya, Felix Light, Bobrova, Hugh Lawson, Kevin Liffey Organizations: REUTERS, Rights, Austria's Raiffeisen Bank, Thomson Locations: Moscow Region, Russia, Ukraine, Western, Russian

☆ Russian central bank head wants currency controls to remain limited
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +2 min

Sept 1 (Reuters) - Russian Central Bank Governor Elvira Nabiullina said on Friday that controls on foreign currency flows should not pose difficulties for economic actors, and should remain limited to their role as a mirroring operation. Now, currency control measures, in my opinion, should remain primarily those that are of a mirror nature, reciprocal in nature," Nabiullina told a banking conference. Finance Minister Anton Siluanov, addressing the same banking forum, said his ministry and the central bank were seeking consensus on currency control. Siluanov said that previously, the Central Bank had been stricter on the issue, and the Ministry of Finance more liberal, but that it was now the other way around. It has, however, recovered since the central bank pushed up rates on Aug. 15 by 3.5 percentage points to 12%.

Persons: Russian Central Bank Governor Elvira Nabiullina, Nabiullina, Anton Siluanov, Siluanov, Kevin Liffey, Conor Humphries Organizations: Russian Central Bank Governor, Central Bank, Ministry of Finance, Thomson Locations: Russia, Ukraine

☆ Russian central bank head Nabiullina does not rule out rate hike
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: 1 min

National flag flies over the Russian Central Bank headquarters in Moscow, Russia May 27, 2022. REUTERS/Maxim Shemetov//File Photo Acquire Licensing RightsSept 1 (Reuters) - Russian central bank head Elvira Naibullina said on Friday that she did not rule out a hike in interest rates, and that she continued to see pro-inflationary factors. The bank raised its key rate by 3.5 percentage points to 12% at an emergency meeting on Aug. 15 amid rising inflation and a sharp fall in the value of the rouble. Writing by Felix Light; Editing by Kevin LiffeyOur Standards: The Thomson Reuters Trust Principles.

Persons: Maxim Shemetov, Elvira Naibullina, Felix Light, Kevin Liffey Organizations: Russian Central Bank, REUTERS, Thomson Locations: Moscow, Russia, Russian

☆ Former Kremlin official blames the ruble's crash on Russia's stockpile of rupees that's stranded in India
▼ + stars: | 2023-08-29 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Mikhail Zadornov, Russia's former minister of finance, attributed the ruble's recent crash to the Kremlin's stockpile of rupees that are stuck in India. In his view, the ruble's current 95-per-dollar level is in part the result of Russia's inability to convert rupees it earned via exports into its own currency, leaving the rupees stranded. It's state-run Tass agency said Russia's Energy Ministry denied he statements that stranded rupees weakened the ruble. Russia and India previously suspended negotiations over using rupees for trade between the two countries. Russia and India remain deadlocked in a currency dispute that has also frozen weapons sales between the two countries.

Persons: Mikhail Zadornov, Zadornov Organizations: Service, Russia's Energy Ministry, RBC, Russian Central Bank, Kremlin Locations: Wall, Silicon, Russia, India, Moscow, It's

That’s almost three times what Russia spent on defense in 2021, before its full-scale invasion of Ukraine in February 2022. Those figures are likely to underestimate the total spent on Russia’s war effort. He said that before the war Russia would typically splash around 3-4% of its annual gross domestic product on defense but now it could be anywhere between 8% and 10%. Russia’s exports are still greater than the value of its imports, despite a boost to the latter from the hefty military spending. Rising military spending is, on the other hand, boosting Russia’s industrial output and, with it, GDP.

Persons: London CNN —, Vladimir Putin, Putin, That’s, Richard Connolly, Janis Kluge, Irina Okladnikova, Liam Peach, it’s, Peach, Kluge, “, ”, —, Maksim Konstantinov, Alexandra Suslina, Suslina, Alexandra Prokopenko, Prokopenko, — Anna Cooban, Tim Lister, Olesya Dmitracova Organizations: London CNN, Reuters, Stockholm International Peace Research Institute, Royal United Services Institute for Defence, Security Studies, German Institute for International and Security Affairs, Capital Economics, CNN, “, ZUMA, International Monetary Fund, Carnegie Russia Eurasia Center, International Energy Agency, West Locations: “, Ukraine, Russia, Stockholm, Moscow, “ Russia, Russian, Saint Petersburg, Soviet, Berlin

The logo of Russian technology giant Yandex is on display at the company's headquarters in Moscow, Russia December 9, 2022. Moscow already demands a 50% discount on all foreign deals after consultants selected by the Russian government have valued the business. But three people familiar with the exit process for foreign companies said that some deals are facing demands for additional discounts before the government gives a green light. Another person, who works on M&A transactions and with foreign companies, said deals exceeding $100 million were at particular risk of being denied. In its biannual financial stability review, the central bank said foreign companies under pressure to leave Russia were doing so on "unfavourable" terms.

Persons: Evgenia, Carlsberg's, Intesa, Vladimir Putin's, Suren Gortsunyan, Rybalkin, Gortsunyan, Alexey Kupriyanov, Elena Fabrichnaya, Alexander Marrow, Victor Goury, Josephine Mason, Jane Merriman Organizations: REUTERS, Reuters, Heineken, Arnest, Companies, Nasdaq, Russia, Dyakin, Partners, Aspring, Nato, Thomson Locations: Moscow, Russia, Ukraine, MOSCOW, Russian, London, Laffont, Gdansk

☆ A sushi crunch is capturing Russia's worsening economic woes
▼ + stars: | 2023-08-20 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

Russia's currency and inflation woes are well captured by something economists don't usually focus on: sushi. Local prices of the Japanese delicacy are surging due to the ruble's plunge and Russia's rift with the West, a report said. The Russian currency hit a 16-month low last week, as the country's current account reels from the impact of Western sanctions. Russia's exchange-rate turmoil and spiraling inflation are now being captured in something that rarely crosses economists' radar: the price of sushi. Restaurateurs in the Eurasian nation are already grappling with surging prices of sushi ingredients, according to the report.

Persons: Steve Hanke, Maxim Tagin, Ilya Zakharov, cy, Vladimir Putin, Putin Organizations: West, Service, Russia, Metro, Financial Times Locations: Wall, Silicon, Ukraine, Restaurateurs, Odintsovo, Sochi, Russian, Russia

☆ The Kremlin's top brass are trying to pass the buck over the ruble's collapse. This rare public infighting shows just how precarious Russia's wartime economy is.
▼ + stars: | 2023-08-18 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

The Kremlin's top brass are trying to pass the buck over the ruble's collapse. Russia's central bank governor, Elvira Nabiullina, said the weak ruble is due to changing trade flows. "A weak ruble complicates the economy's structural transformation and negatively influences real household earnings. "Blaming the central bank is like a drunkard's search — looking for the guilty where the light is," she said, the Financial Times reported earlier this week. The Kremlin, Russia's central bank, and Capital Economics did not immediately respond to requests for comment from Insider.

Persons: Putin's, Elvira Nabiullina, Maxim Oreshkin, Vladimir Putin's, Oreshkin, Nabiullina —, —, Liam Peach, Putin, Max Seddon, you've Organizations: Service, TASS, Financial Times, Capital Economics Locations: Wall, Silicon, Russian, Russia, Ukraine, Moscow, Surgut

☆ Russia's inflation spike sets Kremlin and central bank on collision course
▼ + stars: | 2023-08-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

Russia's President Vladimir Putin (L) and Russian Central Bank Governor Elvira Nabiullina Alexei Nikolsky\TASS via Getty ImagesRussia's rising inflation and plunging currency have spotlighted an emerging discord between the Kremlin and the country's central bank. Analysts suggested the government's direct strong-arming of the central bank into monetary policy action was a sign of the problems faced by the country's economy. In other words, the Russian currency has entered a vicious circle that it will struggle to escape from." This is because the negative factors behind the weakening currency are largely outside the control of the Central Bank of Russia." She added that blaming the central bank has therefore become an "easy tactic" for the Kremlin in the absence of any tangible options through which to improve the situation.

Persons: Vladimir Putin, Russian Central Bank Governor Elvira Nabiullina Alexei Nikolsky, Vladimir Putin's, Maxim Oreshkin, Anatoly Aksakov, Agathe Demarais, Demarais, Stephanie Kennedy, Julius Baer, Kennedy Organizations: Russian Central Bank Governor, Getty, Kremlin, Central Bank of Russia, Bank, Bank of Russia, Financial, Bank of, Economist Intelligence Unit, CNBC, CBR, U.S . Locations: Russia, Bank of Russia, Ukraine

☆ Russian central bank hikes rates by 350 bp to 12% in extraordinary meeting
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +2 min

A Russian state flag flies over the Central Bank headquarters in Moscow, Russia March 29, 2021. A sign reads: "Bank of Russia". President Vladimir Putin's economic adviser Maxim Oreshkin on Monday rebuked the central bank blaming what he called its soft monetary policy on the weakening rouble. Hours after Oreshkin's words, as the rouble dived towards the 102 mark against the dollar, the bank announced the emergency meeting, throwing the currency a lifeline. The bank then steadily lowered the cost of borrowing to 7.5% as strong inflation pressure eased in the second half of 2022.

Persons: Maxim, Rouble, Vladimir Putin's, Maxim Oreshkin, Alexander Marrow, Guy Faulconbridge Organizations: Central Bank, Bank of, of Russia, Kremlin, Russia, Reuters, Thomson Locations: Russian, Moscow, Russia, Bank of Russia, Ukraine MOSCOW, Ukraine

☆ Russian central bank jacks up interest rates to 12% at emergency meeting after ruble plunge
▼ + stars: | 2023-08-15 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

National flag flies over the Russian Central Bank headquarters in Moscow, Russia May 27, 2022. Russia's central bank on Tuesday hiked interest rates by 350 basis points to 12% at an emergency meeting, as Moscow looks to halt a rapid depreciation of the country's ruble currency. The ruble slumped near 102 to the dollar on Monday, as President Vladimir Putin's economic advisor, Maxim Oreshkin, penned an op-ed in Russian state-owned Tass news agency that blamed the plunging currency and the acceleration of inflation on "loose monetary policy." The Bank of Russia subsequently announced an extraordinary meeting on Tuesday to reassess its key interest rate, which previously sat at 8.5%. The ruble strengthened early on Tuesday, as investors bet on a significant tightening of monetary policy from the central bank, and was trading just below 96 to the dollar shortly before 8 a.m. London time.

Persons: Vladimir Putin's, Maxim Oreshkin Organizations: Russian Central Bank, Tass, of Russia Locations: Moscow, Russia, Russia's, London

A Russian rouble banknote is seen in front of a descending and rising stock graph in this illustration taken March 1, 2022. So it’s no surprise that a day after prodding by a Kremlin official, the central bank announced an emergency rate increase of 350 basis points to 12%. Stricter fiscal or monetary policies would hurt an economy weakened by the war effort and Western sanctions. After a record high in 2022, it fell 85% in the first seven months of the year, to some $25 billion, according to the Russian central bank. Before the plunge in the currency, the central bank forecast prices rising 5% to 6.5% this year, above its 4% target.

Persons: Dado Ruvic, Vladimir Putin, it’s, Putin, Elvira Nabiullina, Vladimir Putin’s, Maxim Oreshkin, Neil Unmack, Oliver Taslic Organizations: REUTERS, Reuters, Kremlin, Reuters Graphics Reuters, Thomson Locations: Russia, Russian, Europe

☆ Instant view: Russia's rouble weakens past 100 per US dollar
▼ + stars: | 2023-08-14 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

The Russian rouble fell past the psychologically key 100 per U.S. dollar threshold for the first time since March last year on Monday. FILE PHOTO: Russian rouble and U.S. dollar banknotes are seen in this illustration photo taken March 10, 2023. MICHAEL WANG, DEPUTY PORTFOLIO MANAGER, MIRABAUD ASSET MANAGEMENT“The rouble has been underperforming all this year, partly on lower oil revenues but also because of capital flight. “The rouble remains under the selling pressure in the current global environment dominated by concerns about China, which is Russia’s most important trading partner.”“The sharp fall in Russia’s current account surplus leaves the rouble more vulnerable to global sentiment. The CBR (Russian central bank) may have to raise interest rates further to cool down domestic demand and slow down imports to stabilize the rouble.”

Persons: Dado Ruvic, Vladimir Putin’s, MICHAEL WANG, TIMOTHY ASH, Nabiullina, ”, PIOTR MATYS Organizations: REUTERS, CBR Locations: Russian, Russia, POLAND, China, Russia’s

The Russian ruble slumped past 100 per U.S. dollar on Monday, its lowest level since March 2022, immediately after President Vladimir V. Putin launched Moscow’s full-scale invasion of Ukraine. The bank’s announcement appeared to briefly slow the ruble’s descent. After weakening to about 102 to the dollar, it fell back to just under 101. The ruble’s value is down by more than 25 percent against the dollar since the start of the year. Its decline has led to fears of rising inflation, and prompted Kremlin cheerleaders to lash out at the country’s financial authorities in state news media.

Persons: Vladimir V, Putin Organizations: Russian, Kremlin Locations: Ukraine, Russian

☆ Russia’s Moves to Shore Up Ruble Reflect War’s Toll on Economy
▼ + stars: | 2023-08-10 | by ( Anatoly Kurmanaev | ) www.nytimes.com time to read: +4 min

The Russian currency fell nearly 25 percent since the beginning of the year. “The ruble exchange rate is only an indicator,” said Alexandra Prokopenko, a nonresident scholar at the Carnegie Russia Eurasia Center and a former Russian central bank official. The ruble plummeted to as low as 135 per dollar and the central bank took a series of dramatic measures, including capital controls, to stave off a full-blown meltdown. The most immediate concern for Russian financial policymakers is the possibility of significant inflation. The country’s central bank reacted to that risk late last month with a higher-than-expected rise in interest rates, to 8.5 percent.

Persons: ”, Alexandra Prokopenko, Vladimir V, Putin, Yevgeny V Organizations: Bank of Russia, Carnegie Russia Eurasia Center Locations: Moscow, Russia, Russian, Ukraine, Soviet Union

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