• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Economy

Russia to beat Western sanctions, as ruble becomes stronger than pre-invasion levels

3 years ago
in Economy, Features, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
61
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Russia to beat Western sanctions, as ruble becomes stronger than pre-invasion levels

Russian pushback to harsh sanctions has borne fruits, with the currency now stronger than it was on the day of the invasion of Ukraine.

The ruble had earlier plummeted to a record low of 138 rubles per dollar as a result of Western sanctions, bringing back memories of the currency’s battering during the 1998 Russian financial crisis. Nonetheless, Russia’s financial resilience has been demonstrated, as the country’s currency has outperformed its value before the invasion of Ukraine.

On Feb. 24, the first day of the invasion, the ruble traded at 81 rubles per dollar. At the time of writing this article, the ruble is currently trading at 78 rubles per dollar.

Why the ruble is rising
  • The Russian central bank went into firefighting gear to save the ruble as the currency plummeted as a result of the invasion and subsequent Western sanctions.
  • The central bank raised the country’s primary interest rate to 20%, limited local firms access to foreign currency, and imposed restrictions on foreign currency withdrawals. It also took steps to prevent funds from leaving the country, such as prohibiting foreign investors from selling Russian stocks and bonds.

Read: We are transforming Ghana despite current global crisis – Bawumia

  • When Russian President, Vladimir Putin requested that “unfriendly” countries pay for Russian gas in rubles rather than euros or dollars, the ruble received another huge boost.
  • Putin, on the other hand, backed down from his initial position and now allows international buyers to pay in foreign currency if they open special accounts with Russia’s Gazprom Bank, which would convert the payments into rubles.
What you should know

What’s become clear is that, despite an incredibly broad package of sanctions against Russia’s government and oligarchs, as well as an exodus of foreign businesses, the actions are largely ineffective if foreign nationals continue to consume Russian oil and natural gas, bolstering the ruble.

At the time of writing, the ruble had gained 75% against the US dollar in the past month, and was 6% away from reaching YTD levels. Despite the current rally, the ruble’s long-term prospects appear to be bleak.

RelatedPosts

Multichoice Rebuffs Minister’s Claim On DSTV Price Cuts, Cites Market Conditions

MTN Nigeria Now the Most Capitalized Stock in Nigeria

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

Due to the obvious sanctions, ruble trading volumes have dried up, and currency speculators are wary of dealing in the currency. As a result, the present market price of the ruble is decided by considerably fewer transactions than typical, raising a cause for alarm, particularly in the long term.

Source: nairametrics
Via: norvanreports
Tags: as ruble becomes stronger than pre-invasion levelsrubleRussia to beat Western sanctionsRussian financial crisis.US dollar
No Result
View All Result

Highlights

OPEC+ Nears Decision Point on Next Oil Output Hike

Europe’s Energy Future Hinges on Global Powers

US Companies Cut Investments in China to Record Lows, Here’s Why

How AI is Rewriting and Enhancing Water Risk Management

SheFarms Broiler Edition Kicks Off in Greater Accra

PharmAccess Ghana, Healthcare Federation of Ghana sign SafeCare License Agreement; to use Newest ISQua-Certified Version 5

Trending

Business

Multichoice Rebuffs Minister’s Claim On DSTV Price Cuts, Cites Market Conditions

August 3, 2025

Multichoice Rebuffs Minister's Claim On DSTV Price Cuts, Cites Market Conditions MultiChoice Ghana has pushed back against...

MTN Nigeria Now the Most Capitalized Stock in Nigeria

August 3, 2025

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

August 3, 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

August 3, 2025

Europe’s Energy Future Hinges on Global Powers

August 3, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.