Beautiful Virgin Islands

Saturday, Jul 26, 2025

Russia may buy 'friendly' countries' currencies to weaken rouble -Siluanov

Russia may buy 'friendly' countries' currencies to weaken rouble -Siluanov

Russia may start buying the currencies of "friendly" countries and use those holdings to try to influence the exchange rate of the dollar and euro, as a means of countering sharp gains in the rouble, its finance minister said on Wednesday.
The rouble has soared to seven-year highs, boosted by capital controls that include curbs on Russians withdrawing foreign currency savings, thereby eating into Russia's export income by denting the value of dollar and euro proceeds from sales abroad of commodities and other goods.

Authorities in Russia stopped buying foreign currency via market interventions in early 2022, under a budget rule designed to shield it from external shocks, to ease pressure on the rouble at a time when it was falling sharply.

Those declines were triggered by fears of tough Western sanctions in the run-up to what Moscow calls the "special military operation" in Ukraine that began on Feb. 24.

Finance Minister Anton Siluanov said that, under a "modified" budget rule, his ministry was ready to step in and accumulate other currencies in its reserves.

"Through the currencies of friendly countries, through cross-rates with the dollar and the euro it will be possible to regulate the cost of the euro and the dollar to the rouble," he told a conference organised by a Russian business lobby group.

"...We will discuss this with the economic bloc in the government. The central bank has agreed."

Central Bank Governor Elvira Nabiullina, who was speaking at the same conference, said the bank - which maintains a floating rouble policy - was ready to take part in the trade to increase liquidity in other nations' currencies.

Exporters were ready to switch to other currencies while importers preferred dollars and euros, she said.

Siluanov gave no other details of how the scheme might work, though the rouble pared gains after his and Nabiullina's comments, heading away from levels around 50 against the dollar that it had neared for the first time since May 2015.

With Russia looking for ways to soften the sanctions blow on its financial sector, Siluanov said his ministry would also suggest allowing export-focused companies to receive proceeds from non-residents in cash.

The Moscow currency exchange this week started trading the South African rand and the Armenian dram, and is preparing to launch trading in the Uzbek sum and the United Arab Emirates dirham. It has been trading the Chinese yuan for years.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Deputy attorney general's second day of meeting with Ghislaine Maxwell has concluded
Controversial March in Switzerland Features Men Dressed in Nazi Uniforms
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
Thai Civilian Death Toll Rises to 12 in Cambodian Cross-Border Attacks
TSUNAMI: Trump Just Crossed the Rubicon—And There’s No Turning Back
Over 120 Criminal Cases Dismissed in Boston Amid Public Defender Shortage
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
Trump Announces $550 Billion Japanese Investment and New Trade Agreements with Indonesia and the Philippines
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
Microsoft, US Lab to Use AI for Faster Nuclear Plant Licensing
Trump Walks Back Talk of Firing Fed Chair Jerome Powell
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Irish Tech Worker Detained 100 days by US Authorities for Overstaying Visa
Dimon Warns on Fed Independence as Trump Administration Eyes Powell’s Succession
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Jeff Bezos Considers Purchasing Condé Nast as a Wedding Gift
Ghislaine Maxwell Says She’s Ready to Testify Before Congress on Epstein’s Criminal Empire
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
×