Rouble Resilience: Navigating New Sanctions

The Russian rouble is expected to regain strength after overcoming temporary speculative factors and market anxiety. Economy Minister Maxim Reshetnikov highlights the need for adaptation to recent U.S. sanctions affecting the banking sector. The sanctions have led to currency shortages and market instability since August.

Amidst political tensions, the Russian rouble faces new challenges as Economy Minister Maxim Reshetnikov predicts recovery once market instability subsides. This development comes as Russia grapples with U.S. sanctions that target its banking sector.

On Friday, the rouble remained stable against major currencies but hit its lowest value since March 2022, coinciding with the start of the Ukraine conflict. The currency has dropped over a quarter against the U.S. dollar since early August.

President Vladimir Putin has urged citizens to remain calm, while the central bank suspends foreign currency purchases on the domestic market until year's end. Sanctions impacting Gazprombank, a key player in energy trade payments, exacerbated foreign exchange shortages, stoking market panic.

(With inputs from agencies.)