Contents tagged with ruble
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No end in sight for Russia’s economic woes
With the Russian economy continuing to plummet as a result of western sanctions and low oil prices, the Kremlin seems to be sticking to its reliance on hydrocarbon exports, as oil revenues still account for 44% of the federal budget. For the 25 years since the collapse of the Soviet Union, the Russian government has done little to relieve the economy from its dependence on oil and gas, and with the value of the ruble at a record low, many experts worry that it may be too late to diversify …
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Russian ruble hits lowest level in a year
On December 30th, the Russian ruble reached its lowest level against the U.S. dollar in a year, falling to 73 rubles and 20 kopecks to the dollar.
The ruble lost 40 percent of its value last year. Its present value is 20 percent lower than a year ago. This is an indication of how the Russian economy has suffered from Western economic sanctions and falling oil prices.
Russia's economy was hit hard by the sanctions imposed by the United States, the European Union and other countries. The …
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Duma deputy proposes ban on foreign currency transactions
A member of the State Duma from the Liberal Democratic Party of Russia (LDPR), Ivan Sukharev, has proposed prohibiting any foreign currency transactions within the territory of Russia. In his opinion, this will help to strengthen the Russian Ruble, according to the newspaper Izvestia.
The MP has already prepared the bill indicating which foreign currency transactions (both cash and non-cash) will be banned for residents within the territory of Russia. Sukharev proposes to ban payments in …
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Russia issues 100 ruble Crimea banknote
On Wednesday, Russia’s Central Bank released a new 100 ruble banknote dedicated to the Crimea.
The design features an image of the famous Crimean castle Swallow’s Nest on one side, with the other side showing the Monument to the Flooded Ships in Sevastopol.
The Central Bank said it plans to print 20 million copies of the new banknote.
The Crimean peninsula was occupied and incorporated into Russian territory by Russian forces in early 2014. At the time of the annexation, a 100 ruble banknote …