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A view shows a Russian one rouble coin in front of a screen in this illustration picture taken August 22, 2023. By 1125 GMT, the rouble was 1.8% weaker against the dollar at 102.18 , 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 lost 1.9% to trade at 107.76 versus the euro and shed 2.1% against the yuan to 14.01 . The rouble-based MOEX Russian index (.IMOEX) was 1.3% higher at 3,184.6 points, a near one-month high.

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

☆ Russian rouble hits more than seven-week low past 101 vs dollar
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +2 min

Oct 6 (Reuters) - The Russian rouble weakened on Friday, dropping to a more than seven-week low past 101 against the dollar, under pressure from lower oil prices and the reduced supply of foreign currency from exporters at the start of the month. At 0645 GMT, the rouble was 0.6% softer against the dollar at 101.02 , having earlier touched 101.50, its weakest since Aug. 14. It had lost 0.6% to trade at 106.40 versus the euro and shed 0.6% against the yuan to 13.81 . Delayed action by the authorities and Russia's trade imbalance - exports have contracted this year, while imports have recovered sharply - are causing the rouble's weakness, said Promsvyazbank analysts in a note. Brent crude oil , a global benchmark for Russia's main export, was up 0.1% at $84.15 a barrel, near its lowest since late August.

Persons: Vladimir Putin, Brent, Alexander Marrow, Jan Harvey Organizations: Bank of Russia, Thomson Locations: Russian, Ukraine, Russia's, Russia, U.S

The government said the lifting of restrictions applies to companies that supply at least 50% of the produced diesel fuel to the domestic market. Restrictions on railway diesel exports remain in place, with the exception on exports to some ex-Soviet states. A resumption of Russian diesel exports will have the biggest impact on Turkey and Brazil, Russia's two biggest buyers this year. Traders expect the lifting of the diesel ban could mean Asian diesel cargoes which would have replaced Russian exports in Africa and Turkey will now stay in the region, adding to already ample supplies. The diesel ban will have the biggest impact because Russia is the world's top seaborne exporter of the fuel, just ahead of the United States.

Persons: Transneft, Serena Huang, Maxim, Alexander Novak, Vortexa, William Maclean Organizations: TASS, Traders, REUTERS, Kommersant, Kremlin, FGE Energy, Thomson Locations: MOSCOW, LONDON, SINGAPORE, Russia, Soviet, Baltic, Turkey, Brazil, Africa, Konstantinovo, Moscow, United States

[1/2] A view shows a Russian one rouble coin in front of a screen in this illustration picture taken August 22, 2023. REUTERS/Maxim Shemetov/Illustration/File photo Acquire Licensing RightsOct 5 (Reuters) - The Russian rouble weakened past 100 to the dollar to a more than seven-week low as President Vladimir Putin spoke on Thursday, hurt by reduced foreign currency supply from exporters early in the month. By 1535 GMT, the rouble was 0.7% weaker against the dollar at 100.30 , its weakest point since Aug. 14. The rouble has lost support of a favourable month-end tax period that usually sees exporters convert FX revenues to meet local liabilities. "But this will happen either in the second half of the month or when the exchange rate goes above 100 roubles per dollar," Antonov said.

Persons: Maxim Shemetov, Russian rouble, Vladimir Putin, Putin, Bogdan Zvarich, Alexei Antonov, Antonov, Alexander Marrow, Angus MacSwan, Paul Simao, William Maclean Organizations: REUTERS, Brent, Thomson Locations: Russian, Sochi, United States, Ukraine, Moscow, Alor

☆ Putin Holds Out Possibility That Russia Could Resume Nuclear Testing
▼ + stars: | 2023-10-05 | by ( Oct. | At A.M. | ) www.usnews.com time to read: +5 min

By Guy FaulconbridgeMOSCOW (Reuters) -President Vladimir Putin on Thursday held out the possibility that Russia could resume nuclear testing for the first time in more than three decades and might withdraw its ratification of a landmark nuclear test ban treaty. The Kremlin chief said there was no need to change Russia's nuclear doctrine however, as any attack on Russia would provoke a split-second response with hundreds of nuclear missiles that no enemy could survive. "I think no person of sound mind and clear memory would think of using nuclear weapons against Russia," Putin told a meeting of the Valdai Discussion Club in the Black Sea resort of Sochi. He noted that the United States had signed the Comprehensive Nuclear-Test Ban Treaty but not ratified it while Russia had signed and ratified it. In February, Putin suspended Russia's participation in the New START treaty that limits the number of nuclear weapons each side can deploy.

Persons: Guy Faulconbridge MOSCOW, Vladimir Putin, Putin, Sergei Karaganov, Karaganov, Margarita Simonyan, UKRAINE Putin, Russia's, Guy FaulconbridgeEditing, Andrew Osborn, Andrew Heavens Organizations: Kremlin, State Duma, Inside, RT, United Nations, Soviet Union, United, Cuban Missile, West Locations: Russia, Moscow, Russian, Black, Sochi, West, United States, Inside Russia, Ukraine, Siberia, Ban, Soviet Union, UKRAINE, Afghanistan, Ukrainian

☆ Russia's Putin sends the West a warning over nuclear testing
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +4 min

Everything can be changed but I just don't see the need for it," Putin said of the nuclear doctrine, saying the existence of the Russian state was not under threat. "I think no person of sound mind and clear memory would think of using nuclear weapons against Russia," he said. "I hear calls to start testing nuclear weapons, to return to testing," Putin added, referring to suggestions from hardline political scientists and commentators who say such a move could send a powerful message to Moscow's enemies in the West. In February, Putin suspended Russia's participation in the New START treaty that limits the number of nuclear weapons each side can deploy. Putin accused the West of losing touch with reality over the Ukraine war.

Persons: Putin, West, Vladimir Putin, Sergei Karaganov, Russia's, Guy Faulconbridge, Andrew Osborn Organizations: Putin, Kremlin, State Duma, Military, West, Thomson Locations: Russia, MOSCOW, Moscow, Russian, United States, Ukraine, Soviet Union, Afghanistan, Ukrainian

TASS news agency cited Energy Minister Nikolai Shulginov as saying the government "at all levels" had been discussing partial permission for fuel exports. Europe could also fill some of the gap left by the Russia gasoline ban. Northwest European suppliers, which lost market share in West Africa to Russian supplies this year, could step in, FGE said. Since banning Russian fuel imports, Europe has been seeking suppliers elsewhere, including from the Middle East. As a result, traders said they expected Northeast Asian refiners in China and South Korea to boost diesel exports to Europe.

Persons: Tatiana Meel, Alexander Novak, Vortexa, Nikolai Shulginov, JP Morgan, FGE, Edmund Blair, Mark Potter Organizations: REUTERS, Traders, Kremlin, Kommersant, TASS, Analysts, FGE Energy, WHO, BE, European Union, Gulf, Diesel, Northwest, Competition, Thomson Locations: Nakhodka Bay, Nakhodka, Russia, LONDON, SINGAPORE, Soviet, United States, Ukraine, Europe, Brazil, Turkey, North, West, East, Gulf, gasoil, India, Africa, Kpler, U.S, Gulf Coast, America, West Africa, China, South Korea

☆ Russian court rejects Apple appeal against abuse of dominant market position - RIA
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +1 min

An Apple logo hangs above the entrance to the Apple store on 5th Avenue in the Manhattan borough of New York City, July 21, 2015. REUTERS/Mike Segar/File Photo Acquire Licensing RightsCompaniesLaw Firms Apple Inc FollowOct 3 (Reuters) - A Russian court rejected Apple's (AAPL.O) appeal against the alleged abuse of its dominant market position in terms of in-app payments, for which it was fined 1.2 billion roubles ($12.1 million) in January, the RIA news agency reported on Tuesday. Russia's federal anti-monopoly service (FAS) fined Apple in January over what it said was the U.S. company's abuse of its dominant market position. In a statement, the regulator said it had previously found that Apple forced Russian developers to use Apple's payment services with the iOS App Store, in violation of Russia's competition rules. The FAS's decision entered legal force in May after it was approved by a Moscow court, RIA reported.

Persons: Mike Segar, Apple's, Apple, Mark Trevelyan Organizations: Apple, REUTERS, FAS, Reuters, Thomson Locations: Manhattan, New York City, federal, U.S, Russian, Moscow

[1/2] Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. The sharp move lower suggested the Bank of Japan had intervened in the market to keep the yen from falling further. "It has all the hallmarks of intervention in all honesty," said Michael Brown, market analyst at Trader X in London. "The continued uptrend in UST-JGB encouraged the 150 to be breach in the wake of the better-than-expected JOLTS data. The dollar slipped 0.51% against the yen to 149.08 after hitting 150.165 on the JOLTS report.

Persons: Florence Lo, Michael Brown, Marc Chandler, Jeremy Stretch, JGB, Stretch, Shunichi Suzuki, Wei Liang Chang, Russia's rouble, Herbert Lash, Brigid Riley, Alun John, Joice Alves, Kevin Buckland, Marguerita Choy, Sharon Singleton Organizations: U.S, REUTERS, Bank of Japan, New York Federal Reserve, Trader, Bannockburn Global, CIBC Capital Markets, UST, Finance, DBS, Strong U.S, Federal Reserve, Reserve Bank of Australia's, Swiss, Thomson Locations: London, Bannockburn, New York, United States, Europe, Tokyo

☆ Dollar weakens against the yen after yen breaches key 150 level
▼ + stars: | 2023-10-03 | by ( ) www.cnbc.com time to read: +3 min

The Japanese yen has fallen about 25% year-to-date against the greenback. The sharp move lower suggested the Bank of Japan had intervened in the market to keep the yen from falling further. "The continued uptrend in UST-JGB encouraged the 150 to be breach in the wake of the better-than-expected JOLTS data. The dollar slipped 0.51% against the yen to 149.08 after hitting 150.165 on the JOLTS report. The dollar index, which tracks the unit against six peers, was up 0.13% at 107.16, at its highest since November.

Persons: Michael Brown, Marc Chandler, Jeremy Stretch, JGB, Stretch, Shunichi Suzuki, Wei Liang Chang, Russia's rouble Organizations: greenback, The, Bank of Japan, New York Federal Reserve, Trader, Bannockburn Global, U.S, CIBC Capital Markets, UST, Finance, DBS, Strong U.S, Federal Reserve, Reserve Bank of Australia's, Swiss Locations: London, Bannockburn, New York, United States, Europe

By 1150 GMT, the rouble was 0.6% stronger against the dollar at 99.17, having hit 100.2550 in early trade, a more than seven-week low. "There is still no cause for concern," Kremlin spokesman Dmitry Peskov told reporters. "Expensive oil and an increase in the key rate are improving the outlook for the rouble, but in the medium-term," Promsvyazbank analysts said. They expected the rouble to make a short-lived move beyond 100 to the dollar in the absence of new support measures from the authorities. "This level (100) is not a technical resistance, it's an important psychological barrier," said Alor Broker's Alexei Antonov.

Persons: Maxim Shemetov, Dmitry Peskov, Brent, Vladimir Putin's, Alexei Antonov, Lidia Kelly, Alexander Marrow, Andrew Heavens, Alison Williams Organizations: REUTERS, Bank of Russia, Reuters, Thomson Locations: Russian, Moscow, Russia, Ukraine, Melbourne, London

☆ Russia ramps up China yuan payments for imports amid sanctions -EBRD
▼ + stars: | 2023-09-27 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +2 min

"After Russia’s full-scale invasion of Ukraine in February 2022 and the imposition of economic sanctions by the EU, US and a number of other advanced economies, Russian imports became increasingly invoiced in yuan," according to the paper led by economists Maxim Chupilkin and Beata Javorcik. The use of the Chinese yuan for trade with Russia has also increased for third countries that did not impose economic sanctions but hold a currency swap line with the People's Bank of China (PBOC), such as Mongolia and Tajikistan. Overall, economic sanctions could herald a gradual shift away from the U.S. dollar, the study said. "The dominance of the U.S. dollar makes international sanctions more effective, as firms engaged in international trade overwhelmingly require payments to be cleared through the U.S. banking system," the authors found. "At the same time, the use of economic sanctions may over time reduce attractiveness of the U.S. dollar as a vehicle currency and hence its dominance."

Persons: Maxim Chupilkin, Beata Javorcik, SWIFT, Jorgelina, Karin Strohecker, Philippa Fletcher 私 Organizations: European Bank for Reconstruction, EU, U.S, People's Bank of China, U.S . Locations: Ukraine, China, Russia, Mongolia, Tajikistan, Russian, Rosario

The diesel ban will have the biggest impact because Russia is the world's top seaborne exporter of the fuel, just ahead of the United States. Europe could also fill some of the gap left by the Russia gasoline ban. Northwest European suppliers, which lost market share in West Africa to Russian supplies this year, could step in, FGE said. Since banning Russian fuel imports, Europe has been seeking suppliers elsewhere, including from the Middle East. As a result, traders said they expected Northeast Asian refiners in China and South Korea to boost diesel exports to Europe.

Persons: Alexey Malgavko, Vortexa, JP Morgan, said.Turkey, FGE, Edmund Blair Organizations: Traders, Kremlin, FGE Energy, WHO, BE, European Union, Gulf, Diesel, Northwest, Competition, Thomson Locations: Omsk, Russia, LONDON, SINGAPORE, Soviet, United States, Ukraine, Europe, Brazil, Turkey, North, West, East, Gulf, gasoil, India, Africa, Kpler, U.S, Gulf Coast, America, West Africa, China, South Korea

Russian President Vladimir Putin chairs a government meeting via a video link at the Kremlin in Moscow, Russia, September 27, 2023. The impact on refined product supplies bolstered global oil prices , which rose to their highest since last November. Russian domestic fuel prices initially eased on the local commodity exchange, but began to creep up again after an easing of the restrictions was announced over the weekend. The government is also reconsidering a cut to damper payments, or subsidies to oil refineries, which began this month, he said. Wholesale fuel prices spiked, although retail prices are capped to try and keep them in line with the official rate of inflation.

Persons: Vladimir Putin, Mikhail Metzel, Novak, Putin, Alexander Novak, Vladimir Soldatkin, Jan Harvey, Kirsten Donovan, Barbara Lewis Organizations: Kremlin, Sputnik, REUTERS Acquire, Putin, Wednesday, Traders, Thomson Locations: Moscow, Russia, MOSCOW

☆ Russian rouble firms against euro, steady vs dollar
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +1 min

At 1452 GMT, the rouble was steady against the dollar at 96.24 and had gained 0.6% to trade at 101.98 versus the euro . The move should lead to extra government revenues - as much as 600 billion roubles ($6.23 billion) per year, according to seven Reuters sources - and could also buttress the rouble. The government said the duty would not apply if the rouble strengthened beyond 80 to the dollar. Otherwise it would range from 4% to 7%, reaching its maximum if the rouble was weaker than 95 per dollar. Russian stock indexes were lower, with the dollar-denominated RTS index (.IRTS) down 0.5% to 995 points and the rouble-based MOEX Russian index (.IMOEX) down 0.4% at 3,036.

Persons: Maxim Shemetov, Russia's, Mark Trevelyan, Gareth Jones Organizations: REUTERS, European Central Bank, Federal Reserve, Thomson Locations: Russian, Moscow

☆ Russia imposes temporary restrictions on fuel exports
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +2 min

"Temporary restrictions will help saturate the fuel market, which in turn will reduce prices for consumers," the government said in a statement. Government officials have said that the plans are intended to restrict fuel exports only to those who make the oil products, in order to avert a large-scale fuel crisis; a prohibitive duty on fuel exports has been considered. Wholesale fuel prices have spiked, although retail prices are capped to try to curb them in line with official inflation. Traders say the fuel market has been hit by factors including maintenance at oil refineries, bottlenecks on railways and the weakness of the rouble, which incentivises fuel exports. Russia exported 4.817 million tons of gasoline and almost 35 million tons of diesel last year.

Persons: Maxim, Vladimir Soldatkin, Mark Trevelyan Organizations: REUTERS, Rights, Kremlin, Traders, Thomson Locations: Moscow, Russia, breadbasket

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

☆ Top Russian banks say exporters can now get trapped funds from India
▼ + stars: | 2023-09-12 | by ( Elena Fabrichnaya | ) www.reuters.com time to read: +3 min

After Moscow despatched troops to Ukraine in February 2022, Western countries imposed sweeping sanctions and have sought to wean themselves off Russian energy exports. India has been a major beneficiary, picking up Russian oil on the cheap. In response, India is seeking to stimulate investment in several sectors and diversify the goods that India supplies to Russia, Kapoor said at the economic forum. Tightening global supplies have led Russian companies to stop offering fertiliser such as di-ammonium phosphate (DAP) to India at discounted prices, three industry sources told Reuters. On the transactions issue, Kapoor rejected reports in Russian media that rupees stuck in Russian exporters' accounts in India were related to oil supply payments.

Persons: Ivan Nosov, Andrei Kostin, Kostin, Moscow Pavan Kapoor, Kapoor, Sergei Lavrov, Lavrov, Elena Fabrichnaya, Alexander Marrow, Gareth Jones, Emelia Organizations: ., Economic, RBC, Reuters, Thomson Locations: Russia, Ukraine MOSCOW, India, Moscow, Ukraine, Vladivostok, Sberbank, Arab, Emirates, Russian, Jakarta

☆ Putin warns of economic strife should inflation rise uncontrollably
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +2 min

Russian President Vladimir Putin attends a meeting with representatives of business, officials and other participants of the 8th Eastern Economic Forum via a video link in Vladivostok, Russia, September 12, 2023. "In conditions of high inflation, it's practically impossible to form business plans," Putin said at the Eastern Economic Forum in Vladivostok. Putin said he saw no problems with rouble volatility, and the authorities had a cache of tools to keep the currency and markets under control. Putin said the central bank had acted in a timely manner last month, but noted that high rates restrain lending and economic growth. Reporting by Reuters, writing by Alexander Marrow; Editing by Mark TrevelyanOur Standards: The Thomson Reuters Trust Principles.

Persons: Vladimir Putin, Mikhail Metzel, Putin, Alexander Marrow, Mark Trevelyan Organizations: Eastern Economic, Sputnik, REUTERS Acquire, Rights, Reuters, Thomson Locations: Vladivostok, Russia, Rights VLADIVOSTOK

That has put pressure on risky EM currencies, echoing the dynamics observed last year when the Fed began raising rates. In the Sept. 1-6 poll, almost all beaten-down emerging market currencies were forecast to move little, or trade modestly higher against the dollar in a year, with some making small gains in three months. The underperformance of China has probably been the biggest story holding back EM currencies." Earlier this year, many analysts expected China's reopening to boost the yuan and other EM currencies, especially those exporting commodities to the world's second-largest economy, but this scenario did not unfold as anticipated. Through the end of this year, we believe most EM Asia currencies can weaken," said Nick Bennenbroek, international economist at Wells Fargo.

Persons: Chris Turner, Nick Bennenbroek, Hugo Pienaar, Devayani Sathyan, Veronica Khongwir, Jonathan Cable, Sharon Singleton Organizations: Treasury, greenback, Fed, ING, Reserve Bank of India, Korean, Bureau for Economic Research, Thomson Locations: BENGALURU, JOHANNESBURG, China, Asia, Wells Fargo, Russian, South Africa, Bengaluru

☆ 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

☆ 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

☆ Russia faces domestic fuel crunch, braces for more shortages
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +4 min

Traders said that the fuel market has been hit by a combination of different factors including maintenance at oil refineries, infrastructure bottlenecks on railways and the weaker rouble which incentivises fuel exports. Russian Deputy Prime Minister Alexander Novak said on Wednesday that there were no fuel shortages. FUEL CRUNCHTraders said the shortages on the retail market followed by a sharp rise of wholesales prices. The state caps the retail prices, ordering the sellers to raise prices of gasoline and diesel only in line with official inflation. For the past two months commodity exchange diesel prices jumped on average by more than a quarter to 67,000 roubles ($700) per ton.

Persons: Alexander Natruskin, Alexander Novak, Andrei Neduzhko, Vladimir Soldatkin, Guy Faulconbridge, David Evans Organizations: REUTERS, Reuters, Traders, Kremlin, CRUNCH Traders, Industry, Wholesale, Russian Railways, Thomson Locations: Moscow, MOSCOW, Russia, Russia's, Krasnodar region, Adygea, Astrakhan, Samara, Russian, Rostov, Krasnodar, Stavropol

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