Ruble exchange rate. Archival photoMOSCOW, May 28.The main reason for the strengthening of the Russian currency was the rise in energy prices and the transition to rubles when paying for them, CBS reports, citing experts from Oxford Economics. In the first half of May, Bloomberg called the ruble is the best among the world's largest currencies in terms of strengthening against the dollar.
"Commodity prices are now very high, and even despite the decline in Russian exports due to embargoes and sanctions, rising commodity prices more than compensate for this decline", said Tatyana Orlova, Lead Emerging Economist Oxford Economics markets.
She also noted that Russia receives about $20 billion a month from energy exports. Since the end of March, many foreign buyers have complied with the requirement to pay for energy in rubles, which has led to a further increase in the value of the currency. wp-content/uploads/2022/05/2e2a7b8206efb9603000bcb22816a167.jpg» />The US called Putin's decision, which sharply strengthened the rubleRussian President Vladimir Putin on March 23 announced the transfer of payment for gas supplies to the EU countries and other states that introduced restrictive measures against Russia , in rubles. Then he signed a corresponding decree and said that if «unfriendly» countries do not pay in rubles from April 1, then Russia will consider this a default on gas contracts. Under the new scheme, Gazprombank opens special currency and ruble accounts for settlements of foreign buyers for gas. The buyer will be able to transfer funds to the first account in the currency specified in the contract for the supply of «blue fuel», the bank will sell it on the Moscow Exchange, after which it will credit rubles to the account of the buyer of gas and from it will pay off with the gas supplier — Gazprom.< img src="/wp-content/uploads/2022/05/09f400ec116724e9ed4bfa825bc65109.jpg" />«Refusing money»: is Russia facing default