The ruble gained 1.5 percent against the dollar Thursday, reaching 56.08, the best performance since December 2014. The Russian currency was buoyed by rising oil prices, but experts warn crude could be a false friend for the currency.
The Russian currency is seemingly making a comeback, improving more than 3.6 percent in 2 days to bring the ruble to a 3-month high. The climb is attributed to a slight increase in oil prices as well as the approaching tax season.
The US has created a belief that money would leave Russia, but money doesn’t flow out of countries that have extremely low debt and strong export earnings, Paul Craig Roberts, former US Assistant Secretary of the Treasury, told RT.
The Russian economy has begun to stabilize, climbing from its lowest point, according to Finance Minister Anton Siluanov. He says the ruble is becoming a stronger currency as it has sustainably grown since the beginning of 2015.
Russia will continue to help Cyprus to gets over its debt crisis said President Putin after talks with Cyprus President Nicos Anastasiades in the Kremlin. Moscow has already provided the country with a €2.5 billion loan.
Ukraine is now further from national sovereignty than it was a year ago, with the IMF running its finances and an American-born Ukrainian, Natalie Jaresko, heading the Finance Ministry, Roger Annis, Editor, Newcoldwar.org told RT’s In the Now show.
The Moscow Stock Exchange got a major boost after the Russian president said a Ukraine ceasefire deal had been reached in Minsk. The deal lessens the probability Russian companies will be slapped with more EU sanctions.
A US oil refineries strike, a reduction of shale oil rigs, and declining investment by major companies signals to the global market that oil production is going to fall, which pushes the price up, says Mamdouh Salameh, an international oil economist.