The Russian rouble is to strengthen over the medium terms, according to Anatoly Aksakov despite very different forecasts not long ago.

The Russian bank lobbyist and parliament member stated earlier this month that the currency would devalue by 30-40 per cent in a move that attracted criticism from the Russian government.

The backtrack from Aksakov comes in light of high commodity prices. He said, "the global environment favours Russia's economy, oil prices remain high, so now all the conditions are present for the rouble to strengthen."

He added that dealing with further appreciation in the value of the rouble would be the main concern for the Central Bank going forward.

This is not the first back-tracking undertaken by Aksakov this year. Back in February he called for a debt restructuring, which led to a sell off in the Euro, leading to a fall of 1 per cent against the dollar. He back-tracked on the debt restructuring suggestions.

The National Banking Council is now planning to expel Aksakov, who is a the head of the Association of Regional Banks, over the incident.