Russian President Vladimir Putin has tasked the new Agriculture Minister Aleksandr Tkachyov with strengthening the sector and solving import substitution goal quickly. Western food imports have been banned following the US and EU anti-Russia sanctions.
Russia has never faced so many challenges at once like now, including the crash of oil prices and severe Western economic sanctions. However, it adapted to a new economic reality and even managed to stabilize, Russian Prime Minister Dmitry Medvedev said.
The Russian ruble fell for a third consecutive day, extending losses from Monday when the Central Bank announced it would raise the rate for foreign-currency loans to banks. The Bank is trying to curb the 15 percent the currency has gained this year.
Russia’s economy has managed to overcome the worst, as the national currency has become much stronger than most analysts expected, and all the key indicators are improving, President Vladimir Putin said.
The Russian ruble continues its scorching ascent, improving 3% against the dollar and nearly 4% versus the euro, the best performance in over four months. The currency, on of the worst performers in 2014, is now the best in 2015.
Celebrated Russian film maker Nikita Mikhalkov and his brother Andrey Konchalovsky have asked the Russian government for help with their new $18 million restaurant chain to rival McDonald’s and provide Russians with “an alternative to Western fast-food.”
The Russian ruble continues to hit new highs against the dollar and euro, passing 54 against the dollar on Wednesday, the strongest since mid-December, when a currency crisis blew out more than 30 percent of the ruble’s value in just two days.