Ruble News

According to the Russian Central Bank, Russia's banking system is facing a severe cash crunch, the cash shortage has reached 7 trillion rubles.

Western sanctions over the Russian war in Ukraine. Russian Central Bank ordered a slew of measures. This to help the banks cope with the crisis.

India’s mercantile exports to Russia in 2021 were worth $3.3 bn. Imports were valued at $8.5 billion. This included petroleum and petroleum products worth $4.5 bn.

Russian forces fired missiles at several cities in Ukraine. This has sparked a sell-off of riskier assets. Russia launched an all-out invasion of Ukraine.

The ruble hit a historic low on Wednesday as the dollar climbed past the 80.1 rubles level for the first time, exceeding the levels seen during the dramatic plunge of the Russian currency in December 2014.

The Russian gas behemoth Gazprom announced Monday second-quarter net profit of 293.8 billion rubles, an increase of 29 percent over a year earlier, thanks to a weak ruble.

Russia's ruble and stock market dropped sharply on Tuesday in response to a recent slide in the price of oil and a downgrade to "junk" status of its sovereign debt by Moody`s.

The announcement to slash its key interest rate to 15 percent from 17 percent marked the first cut since December 2011.

Adidas, the German maker of sportswear and equipment, said Friday it met its 2014 targets, but earnings were hit by special factors such as the falling ruble and the sale of its Rockport brand.

The ruble`s fall plus Russian sanctions on most Western food imports led to price rises of 11.4 percent in 2014.

Russia`s second largest bank VTB said Tuesday it has received 100 billion rubles ($1.8 billion) from the country`s national welfare fund, part of a plan to recapitalise the banking system hit by the falling ruble and Western sanctions.

Russia's economy shrank sharply in November and the rouble resumed its slide on Monday as Western sanctions and a slump in oil prices combined to inflict the first contraction in GDP since the global financial crisis.

Their international competitors may be cheering tumbling oil prices, but the collapse in the ruble has meant major financial turbulence for Russian airlines who have expenses in foreign currencies.

Moscow is to set to step in to support troubled Russian airlines badly hit by the collapse of the ruble and falling passenger numbers.

The struggling Russian unit was at 61.59 to the dollar after plunging to 80 earlier in the week, and at 74.21 against the euro after previously hitting 100.

The sharp fall in oil prices and Western sanctions could combine to drive a five percent contraction of the Russian economy next year, an economist warned Wednesday.

Russia stepped up its defence of the ruble on Wednesday as it sought to halt a run on the currency and stem the worst financial crisis of President Vladimir Putin`s 15 years in power.

Asian carmakers who bet big on expanding in Russia face a test of their commitment to a market they once hoped was set to surpass Germany`s by size as the rouble plunges and auto sales skid.

A German business group Wednesday cautioned against "Schadenfreude" over Russia`s currency woes, predicting a 20-percent drop in German exports to the country this year and the risk of worse to come.

Russia`s finance ministry is selling its foreign currency to support the ruble, a spokeswoman told AFP on Wednesday.