London Daily

Focus on the big picture.
Thursday, Jul 10, 2025

Russia may buy 'friendly' countries' currencies to weaken rouble -Siluanov

Russia may buy 'friendly' countries' currencies to weaken rouble -Siluanov

Russia may start buying the currencies of "friendly" countries and use those holdings to try to influence the exchange rate of the dollar and euro, as a means of countering sharp gains in the rouble, its finance minister said on Wednesday.
The rouble has soared to seven-year highs, boosted by capital controls that include curbs on Russians withdrawing foreign currency savings, thereby eating into Russia's export income by denting the value of dollar and euro proceeds from sales abroad of commodities and other goods.

Authorities in Russia stopped buying foreign currency via market interventions in early 2022, under a budget rule designed to shield it from external shocks, to ease pressure on the rouble at a time when it was falling sharply.

Those declines were triggered by fears of tough Western sanctions in the run-up to what Moscow calls the "special military operation" in Ukraine that began on Feb. 24.

Finance Minister Anton Siluanov said that, under a "modified" budget rule, his ministry was ready to step in and accumulate other currencies in its reserves.

"Through the currencies of friendly countries, through cross-rates with the dollar and the euro it will be possible to regulate the cost of the euro and the dollar to the rouble," he told a conference organised by a Russian business lobby group.

"...We will discuss this with the economic bloc in the government. The central bank has agreed."

Central Bank Governor Elvira Nabiullina, who was speaking at the same conference, said the bank - which maintains a floating rouble policy - was ready to take part in the trade to increase liquidity in other nations' currencies.

Exporters were ready to switch to other currencies while importers preferred dollars and euros, she said.

Siluanov gave no other details of how the scheme might work, though the rouble pared gains after his and Nabiullina's comments, heading away from levels around 50 against the dollar that it had neared for the first time since May 2015.

With Russia looking for ways to soften the sanctions blow on its financial sector, Siluanov said his ministry would also suggest allowing export-focused companies to receive proceeds from non-residents in cash.

The Moscow currency exchange this week started trading the South African rand and the Armenian dram, and is preparing to launch trading in the Uzbek sum and the United Arab Emirates dirham. It has been trading the Chinese yuan for years.
Newsletter

Related Articles

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
Labour Expected to Withdraw Support for Special Needs Funding Model
Leaked Audio Reveals Tory Aide Defending DEI Record
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
×