The course of the Russian ruble fell to an eight -month minimum: what happens to the National Twar of the Russian Federation
It is reported that the Russian currency ranged below 72 rubles per dollar, declining 18% since the beginning of December and reaching the weakest level since the end of April. Then to keep the exchange rate "by the Russian Federation", which more than doubled interest rates at the beginning of a large -scale war, introduced control over capital and forced exporters to convert 80% of its income in rubles, artificially generating demand for currency.
But now the cost of oil, the largest export goods of Russia, has decreased by about a third compared to the peak value in June 2022, and EU embargoes for sea oil and Western mechanisms of limiting prices that will affect the income of the Russian Federation. The profit from the sale of "black gold" will continue to decline in the future. This means even fewer foreign currency to support the ruble.
In addition, according to the international energy agency, in December, income from Russian oil exports fell by $ 700 million against the background of reducing oil prices. From December 5, 2022, an oil embargo has been operating for the supply of Russian oil to Europe. The price of oil from the Russian Federation was limited to about $ 60 per barrel.
This means that the EU countries, the United Kingdom, the USA, Canada, Japan and Australia provide services related to Russian tanker oil, only if it has been bought at a marginal price or lower. From February 5, 2023, they will also prohibit the purchase of Russian oil products. At the same time, the Russian Federation has decided to limit the supply of oil to individuals or legal entities that adhere to the ceiling of $ 60 at a barrel introduced by the European Union and G7 countries.