VTB Chief Kostin Says Ruble Not Likely to Strengthen Soon

During a briefing on the sidelines of a major industry congress, Andrei Kostin, president of VTB, said he did not expect the ruble to strengthen in a meaningful way in the near future. He answered a journalist’s question about the currency level with a practical assessment: there is not likely to be a sharp move upward in the ruble at least over the next several weeks. The setting was a gathering of business leaders discussing Russia’s economic trajectory, the role of state institutions in supporting industry, and the external pressures facing the country. The message carried weight because Kostin represents a large bank with extensive exposure to corporate lending, project financing, and the machinery of investment in a challenging environment. For readers in Canada and the United States, the exchange between industry executives and reporters provided a tangible sense of how Russia expects to manage liquidity, inflation, and financing amid sanctions, while keeping currency policy aligned with broader macro goals. The conversation underscored that even with a global appetite for Russian energy and a willingness to engage in risk, the ruble remains sensitive to commodity flows and to the expectations of policy makers who prefer predictability. In essence, Kostin’s remarks framed a vision of stability rather than acceleration, suggesting that the currency would likely hold steady within a familiar range rather than embark on a rapid ascent.