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☆ 2024 is already straining the seams of China and Russia's 'no limits' partnership
▼ + stars: | 2024-02-28 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

AdvertisementRussia's finance ministry has been discussing yuan loans with its China counterparts — but a delayed decision suggests the two countries' "no limits" partnership may be under strain. Russian Finance Minister Anton Siluanov told RIA state news agency in an interview published on Monday that Russia is discussing the issue with Chinese authorities. Russia's finance ministry did not immediately respond to a request for comment from Business Insider. However, two years after Russia started its ongoing war in Ukraine, Russia and China appear to be continuing to conduct business as usual. Three of China's Big Four state banks have halted payments from sanctioned Russian financial institutions, Russia's Izvestia news outlet reported on February 21.

Persons: Anton Siluanov, Siluanov, Vladimir Putin, Dong Jinyue, SCMP Organizations: China, Russian, Business, Beijing, Street, China Morning Post, BBVA Research, Russia Locations: Russia, China, Moscow, Ukraine, Madrid, Russian

☆ Russia's war with Ukraine has its economy facing 'death by a thousand cuts,' economist says
▼ + stars: | 2024-02-26 | by ( Aruni Soni | ) www.businessinsider.com time to read: +2 min

Russia's war with Ukraine has its economy facing "death by a thousand cuts," a British economist wrote. Russia's economy seems to be getting along amid its protracted war in Ukraine and harsh sanctions from the West, but that can't go on forever, according to one economist. "Russia's economy faces death by a thousand cuts," British economist Roger Bootle wrote in the Telegraph on Sunday. In spite of heavy sanctions, Russia's economy actually grew 3.6% last year, faster than most countries in Europe, Bootle noted. War spending is booming, and as war production rises, its gains spill into other pockets of the economy.

Persons: Roger Bootle, Bootle Locations: Ukraine, British, Russia, Europe, Bootle

☆ 3 US cities made the list of the world's top 10 most expensive places to live, report says
▼ + stars: | 2023-12-03 | by ( Polly Thompson | ) www.businessinsider.com time to read: +2 min

New York, Los Angeles, and San Francisco all made it into the world's top 10 most expensive cities. AdvertisementThree US cities have made it into the top 10 most expensive cities in the world in the latest Worldwide Cost of Living report from the Economist Intelligence Unit (EIU). Although three US cities made the top 10, on average North American cities fell in the rankings compared to the previous year. The Russian capital finished up 105 places lower in 142nd, while St Petersburg dropped 74 places to 147th. The world's cheapest cities included Damascus, Syria; Tehran, Iran; Buenos Aires, Argentina; and Chennai, India.

Persons: — Organizations: Economist Intelligence, Service, Economist Intelligence Unit, St Locations: New York, Los Angeles, Francisco, Western, . New York, Singapore, Zurich, Switzerland, San Francisco, Beijing, Moscow, St Petersburg, Damascus, Syria, Tehran, Iran, Buenos Aires, Argentina, Chennai, India

☆ Russian central bank to resume domestic FX market interventions from January
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

The central bank in August stopped buying foreign currency until the end of the year to avoid aggravating pressure on the rouble, which tumbled past 100 to the dollar in August and September. "From January 2024, the Bank of Russia is resuming operations on the domestic foreign currency market connected to replenishing and using National Wealth Fund (NWF) funds, including taking into account all operations carried out with NWF funds in 2023," the central bank said in a statement. "Therefore, from the start of 2024, the central bank will not buy foreign currency (what it did not buy in August-December), but will increase its sales," Suvorov said. The rouble did not react on Monday, continuing to hover near the more than five-month high it hit last week. The central bank conducts those operations on behalf of the finance ministry, which resumed its interventions in January after a hiatus of several months, shunning what it terms "unfriendly" Western currencies in favour of China's yuan.

Persons: Yevgeny Suvorov, Suvorov, Elena Fabrichnaya, Alexander Marrow, Mark Trevelyan Organizations: Bank of Russia, Wealth Fund, Thomson Locations: Russia, Ukraine MOSCOW, Russian

Prior to the February 2022 invasion, Chinese cars accounted for less than 10% of the Russian market. Russia has jumped from 11th place to become China's largest export market for cars, reaching a value of $9.4 billion in January-October, Chinese customs data showed. Overall, monthly car sales in Russia are now more than double what they were a year ago, Autostat data showed, while separate data from federal statistics service Rosstat showed car production was nearly three times higher in September year-on-year, underlining the sector's partial recovery. 'UNSTABLE, SHAKY' MARKETSanctions against Russia contributed to lower car production and sales most notably in 2022, but also after Moscow annexed the Crimean peninsula from Ukraine in 2014. Meanwhile, the rouble's slide to 100 against the dollar this year has made imports more expensive, depressing purchases of Chinese cars.

Persons: PPK, Sergei Udalov, Udalov, Russia's, Natalia Zubarevich, Zubarevich, Gleb Stolyarov, Alexander Marrow, Zoey Zhang, Vineet Sachdev, Mike Collett, White, Mark Potter Organizations: Reuters, Reuters Graphics, Chery, Geely, HK, West shuns, Autostat, Russia, Western, Reuters Graphics Reuters, Moscow State University, Wages, Lada, Thomson Locations: MOSCOW, Russia, Moscow, Ukraine, Soviet, Beijing, China, West shuns Russia, Western

Ministers from OPEC+, which groups the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, meet on Sunday in Vienna. Robust global oil prices this year and Moscow's growing use of a shadow tanker fleet have meant that much Russian oil has traded mostly above the Western oil cap price. Moscow-based independent oil analyst Alexei Kokin said the oil prices declined from "very comfortable" levels to "just comfortable" levels. Russia has budgeted the price of Urals, its flagship oil grade, at 4,788 roubles ($53.36) per barrel this year. However, the share of energy sales in the federal budget proceeds - which used to exceed 50% of total budget revenue - has drastically declined.

Persons: Alexander Manzyuk, Vladimir Putin, Alexei Kokin, Ronald Smith, Vladimir Soldatkin, Guy Faulconbridge, Jason Neely Organizations: REUTERS, Energy, OPEC, Organization of, Petroleum, BCS, Investments, Brent, Thomson Locations: Republic of Tatarstan, Russia, MOSCOW, Vienna, OPEC, U.S, China, Saudi Arabia, United States, Moscow

"This super pre-emptive right will work only in specific cases, with specific companies," Chebeskov said on the sidelines of a financial forum in Moscow on Nov. 14. "The idea was that this concerns only those strategic companies in which the state already has a share," Chebeskov said. The lack of clarity and uncertain timeline highlights the unpredictable nature of regulatory changes facing investors and businesses seeking to adjust their exposure to Russia. This compares with net outflows of around $48 million in March 2022 and $69 million in February this year. Western investors have already struggled to get assets out of Russia.

Persons: Vladimir Putin, Ivan Chebeskov, Chebeskov, Rybalkin, Tskhakaya, Thomas J Brock, Carlsberg's, Putin, JP Morgan, JPM, Vijay Marolia, Brock, Sinead Cruise, Alexander Marrow, Elena Fabrichnaya, Darya Korsunskaya, Jane Merriman Organizations: Ukraine LONDON, Reuters, Nato, Dyakin, Partners, Kaiser Consulting, Investors, Morningstar Direct, Federal Property Agency, Assets, Deutsche Bank, Regal Point Capital, HSBC, Expobank, Thomson Locations: Russia, Ukraine, MOSCOW, Moscow, Russian, Magnit, London

☆ In wartime Russia, soaring prices bite as election looms
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +5 min

When she goes through the snow to the shops, she inspects the prices to search for bargains. Prices for disposable nappies and baby food have at least doubled, she said. While many families across the world are grappling with price rises, the peculiarities of Russia's wartime economy have spurred high inflation for millions of Russian voters ahead of the 2024 election. Putin is expected to run in next year's election, a move that would keep him in power until least 2030. Igor Lipits, a Russian economist, said official Russian data on levels of poverty were poor - as was the overall picture for the Russian economy - despite often rosy announcements aimed at pleasing the Kremlin leadership.

Persons: Sergei, Stepanova, Vladimir Putin, Putin, Igor Lipits, Lipits, Lyudmila, Guy Faulconbridge, Alexandra Hudson Organizations: West, Reuters, U.S, stoke, Monetary Fund, Central Bank, Alexandra Hudson Our, Thomson Locations: SREDNEURALSK, Russia, Ukraine, Stepanova, Sredneuralsk, Lake Iset, Yekaterinburg, Moscow, United States, Russian, St Petersburg

☆ The West could live with a frozen Ukraine conflict
▼ + stars: | 2023-11-13 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

Ukraine may be heading for a similarly frozen conflict with Russia. So a frozen conflict would help the West achieve – at least partly – its key geostrategic aim: to show hostile powers that it doesn’t pay to invade one of its friends. In a frozen conflict, Ukraine would still need to invest heavily in massive fortifications, anti-missile defence systems and technology to deter Russian attacks. ECONOMIC WARIn a frozen conflict, sanctions against Russia would probably remain more or less in place. REBUILDING UKRAINEIt will be harder to rebuild Ukraine’s infrastructure in a frozen conflict than if there was peace.

Persons: Nuzhnenko, Vladimir Putin, Putin, Valery Zaluzhny, Volodymyr Zelenskiy’s, Joe Biden, Donald Trump, Tim Ash, Peter Thal Larsen, Thomas Shum Organizations: Ukraine's National Guard Omega, Radio Free, Radio Liberty, REUTERS Acquire, Reuters, Moscow, Hamas, U.S, EU, International Monetary Fund, Kremlin, Investors, BlueBay Asset Management, Soviet, Cyprus, European Commission, West, Thomson Locations: Avdiivka, Ukraine, Donetsk region, Radio Free Europe, Korea, Cyprus, Russia, Kyiv, –, Israel, United States, Moscow, North Korea, Iran, Russian, UKRAINE, West Germany, Soviet Union

This means there are practically no workers left in the economy, the situation with personnel is really very acute," Nabiullina said. "For further growth of the Russian economy, increased labour productivity is needed." Inflation pressure peaked in the third quarter of this year, Nabiullina said, but annual inflation will only start decreasing next spring. The central bank's forecasts suggest that reaching the 4% target by end-2024 will be a tough ask. Nabiullina said another rate hike may be required before the bank can start reducing borrowing costs again.

Persons: Central Bank Governor Elvira Nabiullina, Nabiullina, Yevgeny Prigozhin, Prigozhin, Elena Fabrichnaya, Alexander Marrow, Alison Williams, Gareth Jones Organizations: Central Bank Governor, State Duma, Thomson Locations: Russia, Ukraine MOSCOW, Moscow, Ukraine, State, Russian, London

After getting battered for most of 2023, emerging market (EM) currencies have made modest gains against the dollar after the Federal Reserve held interest rates steady last week and data suggested the U.S. economy might finally be slowing. That dollar weakening trend was likely to hold in the near-term as a majority of analysts in the Nov. 3-7 Reuters poll expected the dollar to trade lower by year-end. "So it's difficult to see the EM currencies recoup some of the sharp losses that we've seen in the last few months. Although EM currencies gained at the beginning of 2023 and investors brimmed with positivity after China's post-COVID reopening, economic performance in the world's second largest economy has been mostly underwhelming. "Easier Fed monetary policy should also take some pressure off select emerging market currencies in the second half of next year," noted Nick Bennenbroek, international economist at Wells Fargo.

Persons: We've, Mitul Kotecha, we've, it's, Nick Bennenbroek, Devayani Sathyan, Anant Chandak, Hari Kishan, Ross Finley, Mark Potter Organizations: Federal Reserve, Reuters, FX, Asia, Barclays, South Korean, Thomson Locations: BENGALURU, JOHANNESBURG, U.S, Brazilian, Wells Fargo

☆ Sberbank CEO expects 'serious cooling' in Russian mortgage market
▼ + stars: | 2023-11-08 | by ( Elena Fabrichnaya | ) www.reuters.com time to read: +2 min

REUTERS/Maxim Shemetov/File photo Acquire Licensing RightsMOSCOW, Nov 8 (Reuters) - Russia's biggest bank Sberbank (SBER.MM) expects a sharp cooling of the mortgage market following an expected 80% rise in mortgage lending this year, CEO German Gref said on Wednesday. Gref said the bank's mortgage issuance for the whole of 2023 was expected to reach 4.6 trillion roubles ($50.1 billion). VTB, Russia's number two bank, expects mortgage loans across the entire sector to total 7.2 trillion roubles this year, falling to between 5 and 5.5 trillion roubles in 2024. Vyacheslav Dusaleyev, head of retail business at Rosbank, gave corresponding forecasts of 7.3 trillion roubles this year and 5 trillion next year. Mortgage demand has remained buoyant in part because of the wide range of preferential offers available, according to the central bank.

Persons: Maxim, Gref, Sberbank, Vyacheslav Dusaleyev, Olga Polyakova, Elena Fabrichnaya, Mark Trevelyan, Christina Fincher Organizations: St ., Economic, REUTERS, Rights, Mortgage, Thomson Locations: St, St . Petersburg, Saint Petersburg, Russia, Moscow, Rosbank

☆ Russian cenbank: capital controls may have reverse effect long-term, make rouble weaker
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, Nov 7 (Reuters) - Capital controls on certain Russian exporters that went into force last month may have the opposite of their intended effect in the long term, leading to a weaker and more volatile rouble, the Russian central bank said in a report on Tuesday. The rouble has strengthened from beyond 100 to the dollar since that decree was announced. The central bank's higher-than-expected hike in its main interest rate, to 15%, in late October has also helped. The bank also said in its report that it expected annual inflation to start coming down next spring due to Russians' increased savings and higher interest rates. Annual inflation in Russia is seen at 7.25% in the fourth quarter, compared to 6.00% in the third quarter, according to the bank's assessment.

Persons: Alexander Marrow, Elena Fabrichnaya, Marina Bobrova, Gareth Jones Organizations: Thomson Locations: MOSCOW, Russian, Russia

The central bank's sharper-than-expected rate hike to 15% in late October also helped the rouble hit a three-month high of 91.6225 this week. None of the analysts polled now see inflation reaching the lower end of the central bank's 4-4.5% forecast for inflation next year. Russia has steadily worsened its 2023 inflation forecast and analysts now see price rises ending the year above 7%. Analysts raised their expectations for Russia's gross domestic product (GDP) growth to 2.5% this year, from 2.3% in the previous poll. GDP growth in 2024 is seen at 1.5%, dropping to 1.3% in 2025.

Persons: Vladimir Putin, Putin, Mikhail Vasilyev, Alexander Marrow, Andrew Cawthorne Organizations: Bank of, Analysts, Thomson Locations: Russia, Bank of Russia

☆ Rouble soars vs dollar as market gauges impact of latest US sanctions
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +2 min

MOSCOW, Nov 3 (Reuters) - The Russian rouble soared on Friday as the market gauged the impact of Washington's latest sanctions against Moscow over the war in Ukraine, heading back towards a three-month high on the support of foreign currency sales and soaring interest rates. By 1455 GMT, the rouble was 1% stronger against the dollar at 92.39 , not too far from 91.6225, its strongest point since Aug. 1, hit on Wednesday. The rouble has now lost support from month-end tax payments, which were due on Monday and usually see exporters convert foreign exchange revenues to pay domestic liabilities. The rouble has strengthened from beyond 100 to the dollar since that decree was announced. "Sanctions may play a stabilising role for the rouble, helping the central bank fight inflation," Polevoy said.

Persons: Vladimir Putin's, Dmitry Polevoy, Polevoy, Alexander Marrow, Jacqueline Wong Organizations: Moscow, Brent, Reuters, Thomson Locations: MOSCOW, Russian, Ukraine, United States, Russia, Locko

☆ Russian rouble gives up gains after soaring to 3-month high
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

A view shows the newly designed Russian 1000-rouble banknote inside a currency detector during a presentation in Moscow, Russia October 16, 2023. REUTERS/Maxim Shemetov Acquire Licensing RightsMOSCOW, Oct 31 (Reuters) - The Russian rouble weakened on Tuesday, pulling back after soaring to a three-month high past 92 to the dollar earlier in a volatile session, supported by high interest rates, but facing a month-end reduction in foreign currency sales. By 1324 GMT, the rouble was 0.5% weaker against the dollar at 93.28 . "But at the same time, growth in the money supply is continuing and this will definitely result in rouble weakening." The rouble has strengthened from beyond 100 to the dollar since the decree was announced.

Persons: Maxim Shemetov, Alexei Antonov, Vladimir Putin's, Brent, Alexander Marrow, Christina Fincher, Mark Potter Organizations: REUTERS, Rights, Bank of Russia, Financial Times, Reuters, Thomson Locations: Moscow, Russia, Russian

By 1417 GMT, the rouble was 0.4% stronger against the dollar at 93.57 , earlier reaching 92.5100, its strongest point since Sept. 12. "We expect that by the end of the year the rouble exchange rate will be trading in the range of 94-98 per dollar, 99-104 per euro and 12.8-13.4 per yuan," Vasilyev said. CURRENCY CONTROLSMonth-end tax payments, due on Oct. 30, which usually see exporters convert foreign exchange (FX) revenue to pay domestic liabilities, have supported the rouble in recent days. The rouble has strengthened from beyond 100 to the dollar since the decree was announced. "The specific impact of currency restrictions on the dynamics of the exchange rate will be insignificant in our opinion," she said.

Persons: Mikhail Vasilyev, Vasilyev, Yevgeny Suvorov, Suvorov, Vladimir Putin's, Elvira Nabiullina, Brent, Alexander Marrow, Mark Potter, Christopher Cushing, Deborah Kyvrikosaios, Gareth Jones Organizations: Bank, Bank of Russia, FX, Reuters, Thomson Locations: Russia, Ukraine MOSCOW, Moscow, London

☆ Russia hikes key rate to 15% in bigger-than-expected rise
▼ + stars: | 2023-10-27 | by ( ) www.cnbc.com time to read: +1 min

Russia's central bank raised its key interest rate by a higher than expected 200 basis points to 15% on Friday, hiking borrowing costs for the fourth meeting running in response to a weak rouble and stubborn inflation pressure. "The updated medium-term parameters of fiscal policy assume a slower than expected decline in fiscal stimulus in the years ahead," the bank said. It also acknowledged for the first time that it may not succeed in returning inflation to its 4% target next year, forecasting year-end inflation for 2024 at 4-4.5%. The majority of analysts polled by Reuters had expected a smaller hike to 14%. The rouble leapt to a more than six-week high against the dollar after the decision.

Organizations: Bank, Reuters Locations: Russia, Ukraine

Nabiullina also said the budget was a significant factor in Friday's decision. "It looks like today's interest rate hike front-loaded the tightening cycle in response to the fiscal announcements earlier this month," said Liam Peach, senior emerging markets economist at Capital Economics. The central bank's tightening cycle began this summer when inflationary pressure from a tight labour market, strong consumer demand and the budget deficit was compounded by the falling rouble. But the bank set its 2023 key rate range at 15-15.2%, suggesting rates could climb further and Nabiullina said that may be required. Sinara Investment Bank analyst Sergei Konygin said the lack of forward hawkish guidance meant it was highly likely the key rate had already reached its upper boundary.

Persons: Elvira Nabiullina, Nabiullina, Liam Peach, Dmitry Polevoy, Sergei Konygin, Vladimir Soldatkin, Elena Fabrichnaya, Alexander Marrow, Gareth Jones, Mark Trevelyan, John Stonestreet, Mike Harrison Organizations: Bank, Russia, Bank of Russia, Capital Economics, Reuters, Sinara Investment Bank, Thomson Locations: Russia, Ukraine MOSCOW, Ukraine, Moscow, Locko, London

☆ Russian war economy is overheating on a powder keg
▼ + stars: | 2023-10-25 | by ( Pierre Briancon | ) www.reuters.com time to read: +8 min

LONDON, Oct 25 (Reuters Breakingviews) - His war on Ukraine may not be unfolding according to plan, but President Vladimir Putin can still claim that the Russian economy is performing, as he says, “better than previously expected”. This kind of understatement is unusual for the Kremlin leader: with a tight labour market and inflation showing no signs of abating, the Russian economy is in fact overheating. And these are conservative numbers, because other types of war spending – such as new construction in the occupied territories – are hidden in other sections of the budget. The Russian currency is down 30% since its January high. Follow @pierrebri on XCONTEXT NEWSThe Russian economy will grow by 2.2% in 2023, the International Monetary Fund said in its October World Economic Outlook.

Persons: Vladimir Putin, “, Putin, Alexandra Prokopenko, Yevgeny Prigozhin, Wagner, Francesco Guerrera, Streisand Neto, Thomas Shum Organizations: Reuters, Kremlin, International Monetary, Bank of Russia, Reuters Graphics Reuters, Bank of, Danone, Carlsberg, International Monetary Fund, Thomson Locations: Ukraine, Russian, Russia, –, Moscow, Europe, Lithuania, microchips, Kazakhstan, Bank of Russia, United States, China, U.S, Beijing

☆ Almost half of Russians say salary does not cover basic spending - survey
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Evgenia Novozhenina/File Photo Acquire Licensing RightsMOSCOW, Oct 23 (Reuters) - The number of Russians who say their salary does not cover basic spending has jumped by 20 percentage points in two years to almost half, a survey by recruiter Headhunter showed, as Moscow diverts record fiscal resources to funding its war in Ukraine. Asked whether their salary was enough to cover basic spending, without taking into account income from second jobs or investments, just one in five Russians surveyed said yes. That is up from 25% in 2021 and 39% in 2022, Headhunter's survey showed. Of the 45% lacking the money for basic spending, more than half said they were at least 20,000 roubles ($212) short per month. The average monthly nominal wage earned by Russians was 71,419 roubles ($756) in July, Rosstat's statistics show.

Persons: Evgenia, Headhunter, Vladimir Putin, Alexander Marrow, Gareth Jones Organizations: U.S ., Russian, REUTERS, Rights, Bank of Russia's, International Monetary Fund, Thomson Locations: Moscow, Russia, Ukraine

But Russia's Accounts Chamber, which oversees budget execution, warned on Monday there were risks the Urals price would fall below $60 in 2024-2026. Russia's forecast sees economic growth of 2.3% in 2024, well above estimates of 1.1% from the International Monetary Fund and 0.5%-1.5% from the Bank of Russia. CHANGING TUNEAt Russia's flagship economic forum in St Petersburg in June, Siluanov said increasing expenditure was difficult, as budget spending had already increased by 1-1/2 times from 2019 to 2022. Now, even as the government outlines plans for spending to jump to 36.7 trillion roubles in 2024, he is more relaxed. Renaissance Capital's Donets and Melaschenko said Russia could create temporary taxes, permanently increase rates of VAT, or adjust Russia's budget rule to permit more spending of energy revenues.

Persons: Evgenia, Anton Tabakh, Vladimir Putin, Anton Siluanov, Denis Popov, Yevgeny Suvorov, Suvorov, Sofya Donets, Andrei Melaschenko, Dmitry Polevoy, Siluanov, Melaschenko, Alexei Sazanov, Sazanov, Konstantin Sonin, It's, Sumanta Sen, Mark Trevelyan, Alexander Marrow, Catherine Evans Organizations: U.S ., Russian, REUTERS, Washington, Finance, International Monetary Fund, Bank of Russia, Capital, Reuters Graphics Russia, University of Chicago, Thomson Locations: Moscow, Russia, Ukraine, West, St Petersburg

REUTERS/Maxim Shemetov/Illustration/File Photo Acquire Licensing RightsSummaryCompanies Russian rouble climbs to over 2-week high vs dollarMove comes after Putin reimposes currency controlsRouble had slumped to over 18-month low this weekAnalysts expect rouble to firm more in coming weeksOct 12 (Reuters) - Russia's rouble leapt against the U.S. dollar on Thursday after President Vladimir Putin ordered the mandatory sale of foreign currency revenues for some exporters to buttress the currency. The rouble collapsed to a record low in the weeks after Russia invaded Ukraine last year, before Moscow imposed similar capital controls that saw it recover to a seven-year high. Kogan warned, however, that by 2025-2026 businesses would form plans based on a rouble rate of 100-105. The central bank endorsed the measures, a shift in its stance, after it previously warned of the inefficiency of currency controls. "The rouble is even less tradable for foreign investors after Russia re-imposed some capital controls," Piotr Matys, senior FX analyst at In Touch Capital Markets.

Persons: Maxim Shemetov, Putin, Rouble, rouble, Vladimir Putin, Yevgeny Kogan, Kogan, Gref, Andrei Belousov, Piotr Matys, Dmitry Polevoy, Brent, Alexander Marrow, Amruta, Robert Birsel, Mark Potter, Varun, Alexander Smith Organizations: REUTERS, U.S, Russia's Higher, of Economics, TASS, Wednesday, Bank of Russia, FX, Touch, Thomson Locations: Moscow, Russia, Ukraine, outflows, Locko, Bangalore

An employee counts Russian 1000-rouble banknotes in a bank office in Moscow, Russia, in this illustration picture taken October 9, 2023. REUTERS/Maxim Shemetov/Illustration/File photo Acquire Licensing RightsOct 10 (Reuters) - The Russian rouble dived towards a more than an 18-month low on Tuesday before paring most losses in a volatile session, under pressure from domestic demand for foreign currency and a drop in oil prices. By 1034 GMT, the rouble was 0.3% weaker against the dollar at 99.63 . It had lost 0.8% to trade at 105.55 versus the euro and shed 0.4% against the yuan to 13.64 . "The bank may show a record profit of 1.5 trillion roubles for the year."

Persons: Maxim Shemetov, Sber, Yevgeny Kogan, Alexander Marrow, Ed Osmond, Gareth Jones Organizations: REUTERS, Bank of Russia, Russia's Higher, of Economics, Thomson Locations: Moscow, Russia, Russian, Brent

REUTERS/Maxim Shemetov/Illustration Acquire Licensing RightsOct 9 (Reuters) - The rouble rebounded after slumping to a more than 18-month low against the dollar on Monday in a volatile session, still hampered by reduced foreign currency supply but eventually latching on to higher oil prices to gain ground. By 1500 GMT, the rouble was 0.7% stronger against the dollar at 99.75 , recovering from hitting 102.3450 earlier, its weakest point since March 23, 2022. The Russian currency tumbled to a record low 121.5275 in the weeks after Moscow's February 2022 invasion of Ukraine. The rouble had gained 0.5% to trade at 105.24 versus the euro and firmed 0.6% against the yuan to 13.64 . The rouble-based MOEX Russian index (.IMOEX) was 0.9% higher at 3,172.2 points, earlier reaching a near one-month high.

Persons: Maxim Shemetov, rouble, Alexei Antonov, Alexander Marrow, Angus MacSwan, Mark Potter, Gareth Jones Organizations: REUTERS, Bank of Russia, Reuters, Brent, Thomson Locations: Moscow, Russia, Ukraine

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