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The exchange rate had initially fallen as a result of Russia’s attack on Ukraine, but has rebounded, particularly due to higher energy prices and consequent Russian revenue. Western sanctions are now having a serious impact on the Russian economy.
European countries hardly ever buy raw materials such as oil and gas from Russia. The G7 countries, along with other countries, also imposed a price ceiling for Russian oil on the world market. Last week, Russian President Vladimir Putin talked about the expected “negative” results for the economy.
Finance Minister Anton Siluanov was nevertheless confident: the ruble will rise again with the expected price increases for Russian fuel. “This is a sign that more foreign currency will enter the country this week,” he said.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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