Russia has reimposed some of the capital controls it introduced in the wake of its full-scale invasion of Ukraine in a new attempt to prop up the ruble as the cost of war weighs heavily on the economy.
The ailing currency gained 3.4% Thursday to trade at 96 against the US dollar — its strongest level in a little over two weeks — after Moscow announced late Wednesday that it would force dozens of exporters to convert their foreign revenues into rubles. According to the statement, Russia’s financial regulator, Rosfinmonitoring, will monitor and enforce the new requirements on 43 companies in the energy, metals, grain and other sectors.
The ruble has lost over a third of its value against the dollar since the start of this year as the grinding cost of the war in Ukraine takes its toll on Moscow’s export-oriented economy, which can no longer count on surging oil and gas revenues. Declining revenue from the energy industry has contributed to a fall in Russia’s current account surplus, which slumped 79% between January and September compared with the same period in 2022.
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