Roman Marshavin, the Executive Director of the World Bank Group for Russia and Syria, suggested that with prudent fiscal policy the ruble could emerge as a viable alternative to the dollar. He indicated that a measured approach to public finances can create the space for the ruble to play a larger role in international exchanges and official reserves, aligning with a broader strategy of diversified currency use in global trade.
Marshavin stated that he is confident the future will see payments conducted in rubles, a shift he believes will spur the expansion of Russia’s industrial base and the growth of its high-tech exports. He framed this outlook within a context of disciplined policy choices that support productivity gains and investment in new technologies, which in turn could boost competitiveness on the world stage.
The expert noted that several conditions would support any move toward the ruble becoming a principal currency for international settlements: a sustainable public debt level, a favorable balance of trade, and a stable political environment. He argued that these elements help build confidence among international partners and central banks that the ruble can serve as a reliable store of value and a convenient unit of account for cross-border transactions.
While emphasizing that the views expressed are personal, he clarified that they do not represent the official stance of the World Bank Group or its member institutions at this time. The remark underscores the difference between individual analysis and formal policy positions issued by international organizations.
In recent commentary, observers have noted a strengthening trend for the ruble against major currencies such as the dollar, the euro, and the yuan, attributing it to a combination of favorable trade dynamics, currency management, and shifts in global financial sentiment. Analysts continue to watch developments closely, considering how these movements might influence monetary policy decisions, international finance flows, and the horizon of currency diversification in both emerging and advanced economies.