Ruble expected to weaken | General News

“We expect the ruble to weaken somewhat in the future, especially from the current level,” said Taras Skvortsov, senior vice president of Russia’s largest bank Sberbank, noting that the Russian ruble has been artificially strengthened primarily due to sanctions.

Taras Skvortsov, Senior Vice President of Russia’s largest bank Sberbank, spoke to reporters at the Eastern Economic Forum in Vladivostok, Russia.

Stating that there is a liquidity deficit for the yuan in the Russian market and that they do not expect the situation to improve soon, Skvortsov said, “Of course, the Central Bank of Russia is helping to extinguish this fire by increasing the swap limit. However, the deficit continues systematically.”

Skvortsov also made assessments on the course of the Russian ruble, saying, “The ruble has artificially strengthened due to difficulties in carrying out operations related to Western sanctions against the Moscow Exchange. We expect the ruble to weaken somewhat in the future, especially from the current level.”

Skvortsov said that the ruble will weaken when these difficulties are overcome and cash flow is provided, and predicted that the Russian stock market will rise as of 2025 along with economic developments.

The US Treasury Department added the Moscow Exchange to its sanctions list on June 12.

The Moscow Stock Exchange also ended transactions in dollars and euros as of June 13.

Russian officials say all sanctions imposed by the United States are illegal.

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