The Ministry of Finance of the Russian Federation and the Bank of Russia reported that the impact of the Shell oil and gas company’s withdrawal from the Sakhalin-2 project on the ruble exchange rate should not be exaggerated. interfax.
The head of the financial market committee, Anatoly Aksakov, touched on this issue in the joint working group on the consideration of the Bank of Russia’s 2022 annual report in the State Duma. He addressed meeting attendees with a request to comment on media information. According to them, one of the reasons for the wave of depreciation of the ruble at the beginning of April was the increased demand for foreign currency, as the Russian authorities allowed Shell to withdraw from the country about 95 billion rubles in exchange for a share. On Sakhalin-2.
Deputy Finance Minister Aleksey Moiseev said that large foreign exchange transactions within the framework of exit transactions should be carried out within the strict limits of the Central Bank. According to him, he “takes this logic (the impact of the Shell agreement on the ruble exchange rate. – socialbites.ca)” “with some skepticism”.
“All such permits issued by a government commission, if these are substantial funds, are always subject to the foreign exchange rate requirements of the Central Bank of Russia and there are quite strict restrictions,” he said.
Moiseev also noted that if someone violates these restrictions, then it is likely that the Central Bank “could see and comment”.
“There will be a reaction,” he added.
By contrast, Central Bank Deputy Governor Alexei Zabotkin, responsible for monetary policy issues, said he was “in solidarity” with Moiseev’s assessment.
“The emphasis that commentators place on this fact is probably exaggerated,” he said.
Earlier, Kommersant newspaper had written about Novatek’s intention, citing its sources. compensate Shell’s share (27.5%) in the Sakhalin-2 project. The publication noted that the company has already reported this to the government of the Russian Federation.