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Ruble Tumbles to 12-Month Low as Kremlin Greenlights Shell Sale

Ruble Tumbles to 12-Month Low as Kremlin Greenlights Shell Sale

The Moscow Times: Friday 7 April 2023

After months of relative stability, the Russian ruble continued to weaken rapidly against major currencies on Friday, a trend that analysts say has been spurred by increased imports and a surge in foreign capital outflows.

President Vladimir Putin’s recent approval of a deal that permits British energy giant Shell to offload its stake in the Sakhalin-2 oil pipeline project in Russia’s Far East has added to the mix of forces pulling down on the ruble.

The arrangement allows Shell to transfer over 94 billion rubles ($1.2 billion) in proceeds from its pipeline project sale abroad. Novatek, Russia’s second-largest natural gas producer, is set to acquire the stake as part of the deal.

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