WION: Despite sanctions, Russian ruble is the world's top performing currency in 2022
The ruble has recovered the majority of its losses, and Russia's capital controls have made it the best-performing currency in the world this year, while just a few people will benefit from the boom.
The ruble rose against the dollar again on Wednesday, as the Moscow Exchange reopened after a two-day holiday. It has gained more than 11% versus the US dollar since the beginning of the year, surpassing the real's 9% rise to become the biggest gainer among Bloomberg's 31 major currencies. The offshore rate has risen considerably more, by roughly 12%.
The ruble's advances are the outcome of the government's efforts to safeguard the battered currency in the wake of Western sanctions. In addition to the capital controls, Russia has demanded ruble payments for natural gas supplies from European countries, as well as requiring exporters to sell their foreign exchange holdings.
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WNU Editor: The goal of the Russian Central Bank when Western sanctions and asset seizures were imposed on the Russian economy was to stabilize the currency, and it looks like they have succeeded albeit at a very high cost.
What has also helped the ruble is the capitulation of European buyers of Russian natural gas to the Kremlin's demand of ruble payments .... More European Buyers Prepare For Russian Gas Payments In Rubles (OilPrice.com). More here .... Ten More European Gas Buyers Open Ruble Accounts for Payments (Bloomberg).
I think this is one of the reasons why Ukraine made the decision yesterday to shutdown a critical pipeline that is used to ship Russian natural gas to Europe, and why Washington supported it. Both countries are now realizing that sanctions are not working, and they are now doubling down on their measures even though this will seriously damage the European economy.
Bloomberg Says The Russian Ruble Is The World’s Best-Performing Currency For 2022
Ruble Surpasses Brazil’s Real as Year’s Best-Performing Currency -- Bloomberg
Russia's ruble is the world's top-performing currency against the dollar but traders are revolting against Moscow's capital controls -- Business Insider
Bloomberg: ruble is the best world currency since the beginning of 2022 -- Pravda
Ruble named world’s best-performing currency -- RT
Ruble becomes world’s best performing currency this year — Bloomberg -- TASS
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