Ruble Likely to Firm, Says Central Bank Official
The Russian ruble is likely to firm in coming months and start returning to its equilibrium later on, Central Bank First Deputy Governor Ksenia Yudayeva said Wednesday.
Yudayeva, speaking at an economic forum in Moscow, said she saw the ruble firming later this quarter or at the beginning of the next one.
She added that most of the drop in the Russian currency and the oil, the country's main exports, has already taken place.
She also said it was necessary to curb inflationary expectations first before easing monetary policy.
Annual inflation accelerated to 11.4 percent in December — more than double the Central Bank's initial target for the whole of last year. Yudayeva said on Wednesday the bank will start lowering interest rates once inflation returns to normal levels. (Reuters)
Russian Finance Ministry to Back Select Banks
The Russian Finance Ministry is ready to provide funds for some of the country's top banks and will make decisions on supporting other financial institutions later, a senior ministry official said Wednesday.
Alexei Moiseyev, a deputy finance minister, said Gazprombank, VTB and Russian Agriculture Bank, or Rosselkhozbank, will get cash from the sale of ministry's domestic treasury bonds.
A decision on supporting other banks will be made on an individual basis, Moiseyev said, after taking into consideration their 2014 financial results.
He added that Gazprombank could receive some 70 billion rubles ($1.06 billion). (Reuters)
Russia Foresees No Change in Terms for Ukraine Gas
Russian Energy Minister Alexander Novak said Wednesday that there were no reasons to change terms for natural gas deliveries to Ukraine once a current deal expires at the end of March.
Maros Sefcovic, the European Union's Energy Commissioner who was meeting Novak in Moscow, said the bloc was ready to continue as an "honest broker" in gas talks between Russia and Ukraine.
Sefcovic also said Russian gas transit to Europe via Ukraine should not be cut even if new pipelines bypassing the ex-Soviet state are built. (Reuters)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
