Ruble climbs to seven-year high despite Russian default

“The dollar is below 52 for the first time since May 28, 2015

. Of the

Euro /a> costs less than 55 rubles for the first time since May 26, 2015,” the Interfax news agency said on Tuesday after the Moscow stock exchange closed. The agency’s currency experts attribute the forthcoming tax payments in Russia and the high price of oil to the reasons for the ruble’s strength on.

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After the ruble shortly after the start of the Kremlin chief Wladimir Putin after the war of aggression that was ordered, it has now been on a recovery course for months and has meanwhile reached twice its low. Even Russia’s technical default, which was determined by the rating agency Moody’s on Tuesday, did not affect the ruble’s rise. Admittedly, this is not the usual state bankruptcy, but rather technical problems with the transfer of debt payments, which are being blocked by the West.

However, the background to the strength of the ruble is also the drastic restrictions on foreign exchange transactions by the Russian central bank and the western sanctions, which primarily affect Russian imports. Because while Russia’s income from the export of oil and gas continues to bubble, imports in Russia have shrunk to less than half – partly due to the Western embargo on high-tech, machines, armaments and luxury goods. As a result, the need for foreign exchange has also fallen significantly.

MOSCOW (dpa-AFX)

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