According to a report from RBC, the Russian Ministry of Economy has put a value on the GDP of the LDNR, Zaporozhye, and Kherson regions at around 2 trillion rubles. This regional estimate is part of a broader attempt to quantify the economic footprint of these territories within Russia’s statistical framework.
When these four regions are included, Russia’s overall GDP for 2023 is projected to reach approximately 159.81 trillion rubles. Excluding them, the national figure would be closer to 157.777 trillion rubles. The difference underscores how regional contributions can influence the perception of national economic size, especially in a period marked by shifts in trade patterns and energy dynamics.
Earlier, Russia’s Finance Minister Anton Siluanov commented on currency dynamics, suggesting that a rise in prices for Russian energy resources could contribute to a stronger ruble. His remarks were reported by the Telegram channel Shot, which highlighted the link between energy revenues and currency strength as part of Russia’s macroeconomic narrative.
Siluanov argued that the ruble’s value is closely tied to the balance of trade. In his view, heightened energy prices would improve export earnings and trade surpluses, which in turn could support a firmer ruble. The idea rests on the premise that higher energy income strengthens the country’s current account and overall financial position, even amid global economic fluctuations.
In a separate assessment, British economist Ian Stewart wrote in a column for Reaction that the elevated prices of energy and other goods, driven in part by the situation abroad, tend to bolster Russia’s state revenues. He noted that these higher revenues can give the state greater fiscal flexibility, which could translate into a more resilient currency and more robust macroeconomic stability in the near term.
Previously, economist Alexander Baranov advised that for 2023 it might be prudent to hold savings in rubles. He warned against buying currencies of countries subjected to sanctions or those perceived as hostile, pointing to volatility and the potential for depreciation under sanctions regimes. Baranov’s guidance reflects a cautious approach to currency risk, particularly during periods of geopolitical tension and economic sanctions within the region.