For the second time this week, and in response to strengthening oil prices, the Russian central bank (CBR) has shifted the lower band boundary of the rouble. According to local dealers, the CBR has moved the rouble’s band to a position of 34.60 versus the dollar-euro basket following its purchase of US$700 million on the [...]

On Monday afternoon, the rouble strengthened to a position of 34.70 versus the dollar-euro basket, a gain of 10 kopeks on last week's close. This rise can be attributed to a renewed interest in riskier assets, relatively strong crude oil prices and the final payment of monthly tax bills. The rouble is kept in a [...]

After the rouble weakened to its lowest in nearly two months yesterday, losing 0.6 per cent to 30.5250 per dollar, a rise in crude oil prices this morning saw Russian stocks pick up again. The commodity went above $72 per barrel for the first day in five after signs that the European central bank may [...]

The rouble has reached its lowest level against the dollar this year after the price of Russia's biggest export dropped below $73 a barrel. Crude fell $72.67 in New York, down from $75.95 at the close of Moscow's official currency trading yesterday. Having lost six per cent, Russia's Urals oil blend – a major driver [...]

The Russian rouble rose above 30 for the first time in 2010 this week, falling nearly one per cent against the dollar to 30.11. The development came as oil prices remained below $75 per barrel and investors turned their sights away from risky currencies. Analysts commented that any day that's negative for oil can be [...]

Plans for a free float of the rouble are likely to be delayed after Russian policy-makers suggested the country's economy is not prepared for unrestricted currency trading. A research report from Citigroup Inc economists predicts that Russia's central bank will delay the free float beyond the official target of 2011. The experts say Russia is [...]

In an attempt to kick-start the domestic car industry – thus boosting the economy, Russia is launching a car scrapping scheme. The Russian Industry and Trade Minster Viktor Khristenko briefed prime minister Vladimir Putin on the scheme that will start on 8 March. He says the ministry is looking into ways to implement the scheme. [...]

Russian officials are meeting today to discuss how to divide 245 billion roubles that have been set aside for "anti-crisis efforts" in 2010. According to First Deputy Prime Minister Igor Shuvalov, 195 billion rubles were already designated, added to which will be 50 billion roubles from this year that were not used. Shuvalov told reporters [...]

Russia's authorities have been praised by the International Monetary Fund (IMF) for their handling of the financial crisis, but it suggests the central bank should be more aggressive in fighting inflation. In a statement, the IMF predicts the Russian economy will expand at a pace of 3.5 per cent next year, though it warns that [...]

Dropping oil prices and the rouble's depreciation against the US dollar have seen the profits of Russia's second largest oil producer fall by 40 per cent between July and September. Lukoil had predicted a drop, but a smaller one. While analysts previously polled by Reuters on the matter had forecast that the company's net profit [...]