By the end of January, the ruble faces the peak of the tax cycle. Whether this cycle will land as planned remains uncertain, according to a recent interview with the agency. Financial analyst Vladislav Antonov from BitRiver noted the timing as a potential turning point.
Several months back, exporters saw a dip in foreign exchange earnings, which in turn reduced the inflow of dollars and euros into Russia’s domestic market. The economist pointed out that this squeeze creates headaches for importers who lack enough hard currency to meet their obligations.
The national currency is kept afloat by a tight monetary stance from the Bank of Russia, though this restraint is factored into price levels over the long run. Antonov stressed that the tax period is a targeted instrument, designed to influence the currency and trade balance as the authorities expect.
Moreover, after February 24, the specifics of new sanctions measures from Western nations will start to become clearer, influencing market expectations and risk assessments across financial sectors.
Right now, the ruble faces a challenging period. Yet the analyst believes that a resolution will emerge as the winter season winds down and early spring approaches.
On February 24, Australia announced fresh restrictions affecting Russian citizens and enterprises.
Earlier, the United States welcomed additional anti-Russian sanctions unveiled by the White House, signaling continued pressure on Moscow while global markets adjust to the evolving policy landscape. [Attribution: Financial analysis commentary by BitRiver]