Finance Minister Anton Siluanov believes that a sharp drop in the ruble in the international market was due to the introduction of sanctions against Gazprombank by the US Treasury. However, in the near future, the minister believes, the situation with the course should stabilize. At the end of November, President Vladimir Putin said that the situation with the ruble exchange rate is under control and there is no reason for panic.
“Our participants in foreign economic activity find opportunities for settlements with their counterparties abroad. I think a week or two – and everything will be in order,” the minister said, talking to reporters.
Restricting access to international financial markets creates pressure on the ruble, causing it to weaken. This is due to capital outflows and a decrease in investor confidence, AMarkets leading analyst Igor Rastorguev explains.
It is difficult to predict the stabilization of the ruble under the current sanctions, since much depends on the further development of the situation with energy exports and the adaptation of the Russian economy to new conditions, the analyst emphasizes.
These sanctions are aimed at increasing Russia’s isolation, primarily through restricting the operations of Russian banks in the international arena. The introduction of secondary sanctions creates significant risks for foreign partners, forcing them to avoid cooperation with Russian structures. Nevertheless, in relation to Gazprombank and similar institutions, there are prerequisites for easing the sanctions pressure, the expert said.
“There has been a recent case where the US and EU have made exemptions for a number of banks that service operations with energy resources. This demonstrates the flexibility of the approach if the restrictions begin to harm the initiators of the sanctions themselves, – Igor Rastorguev says. – This factor is very important – global dependence on Russian energy resources. The complete blocking of financial channels to pay for oil and gas will be a problem for importers, especially given the rising prices.”