2023-08-18 15:03:38
The ruble hit its lowest level in 17 months. Against the dollar, the Russian currency has passed the psychological barrier of 100 rubles. If the central bank has called a crisis meeting, this will not change the fundamental reasons for the weakness of the ruble. Article reserved for subscribers By Holger Zschäpitz (“Die Welt”) Published on 08/18/2023 at 17:03 Reading time: 2 min
At the moment, news from the Ukrainian front is scarce. According to the Western secret services, the Ukrainian counter-offensive is struggling to advance. But the financial markets do not have the same discourse: the ruble is in the process of plummeting.
Cheap oil
Since the outbreak of the war, the Kremlin had been able to sell its oil only at a discount, with a price drop of regarding a third for a time. But now the price differential between Brent from the North Sea and the Russian Urals has narrowed to 13%.
For the Kremlin, it all depends on the volumes of oil that can be sold to China and India, because these countries do not respect the 60 dollar ceiling set by the West. This year, Russia’s export revenues have fallen sharply, in particular due to sanctions.
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