- Russia’s finance ministry is ramping up daily foreign currency sales to combat reduced fuel revenues, with an increase to $44.3 million a day between June 7 and July 6, far exceeding predicted sales.
- After a break of several months, Russia turned to foreign currency interventions in January, selling yuan instead of “unfriendly” Western currencies, revealing China’s growing importance as Moscow seeks economic stability amid Western sanctions.
- Although the government carries out forex interventions to even out shortfalls in earnings from vital oil and gas exports, declining revenues and splurging spending pushed Russia’s Jan-April budget deficit to almost $44 billion, creating fiscal pressure as Moscow continues its military offensive in Ukraine.
- While the ministry had decreased its monthly forex sales, it’s now looking to increase, but the move presents a potential regime switch that wouldn’t go unnoticed by Rosbank and Russian banks.
- Bill Browder, CEO of Hermitage Capital Management and a vocal opponent of Russian President Vladimir Putin has suggested a bold move to aid Ukraine. In his opinion, the frozen currency reserves of the Russian central bank should be confiscated and utilized for this purpose.
- Browder has a history of advocating for human rights and previously championed the Magnitsky Act, a US law empowering the imposition of sanctions on those found guilty of rights violations. It is worth noting that with Russia unable to access these reserves, they are essentially rendered useless. Browder’s proposed plan could prove to be a game-changer for Ukraine’s economic struggles.
- Lucy Walker is a journalist that covers finance, health and beauty since 2014. She has been writing for various online publications.
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