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Why Russia should fear appreciation of the ruble against the dollar

The appreciation of the ruble has resulted in a loss of oil revenues of around 27 percent, apart from the discounts that have to be offered to Chinese and Indian buyers 

July 07, 2022 / 10:02 AM IST
Why Russia should fear appreciation of the ruble against the dollar

An ominous headline from Reuters on June 30, 2022, announced, ‘Russian ruble rallies; Gazprom shares plummet after it skips dividend’.   Contrary to what may seem obvious, it is the appreciation, not the depreciation, of the ruble that Russia is and must be wary of. The ruble, if it were to continue on its present path of being the ‘best performing currency’ in 2022, may actually trigger a major economic crisis.  This is becoming increasingly clear with action by the Central...

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