Maxim Oreshkin, the Deputy Prime Minister of the Russian Federation, argued that the current slide in the ruble’s value does not reflect fundamental factors. He stated that there are no solid indicators signaling a structural weakness of the currency. He emphasized that the recent market movimientos appear to be driven by short-term sentiment rather than objective changes in the economy.
According to Oreshkin, there is no basis in current economic data to justify a sustained decline in the ruble. He noted that the market’s abrupt moves should not be mistaken for a deep-rooted trend in currency fundamentals.
Earlier, the euro exchange rate in intraday trading breached the 75 ruble mark, highlighting the volatility that has characterized currency markets in recent weeks.
Previously, First Deputy Prime Minister Andrey Belousov suggested that a weaker ruble within the 70–80 ruble per US dollar range could be beneficial for several sectors of the Russian economy. He argued that a softer ruble could reduce the revenue pressure on export-oriented companies, potentially supporting investment inflows and helping to bolster federal budget revenues through higher import prices and improved trade dynamics.
On December 27, the ruble traded around 69.07 to the dollar on the Moscow Exchange, while the euro stood at about 74.46 rubles. This snapshot underscores ongoing price discovery in currency markets and the broader debate about what level is most conducive to economic growth and fiscal stability.