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Russia Says It Has Weathered the Worst of the Economic Storm
Keywords:
The ruble has stabilized by April 1, 2014 following Russian intervention in the Crimea and western sanctions. It reached record lows of 37 to the dollar from a range of 29-33 rubles to the dollar since 2011. To stabilize the ruble the Bank of Russia says it spent about $24 billion in March 2014. The Russian Finance Ministry held its first auction of Treasury bonds on April 2, 2014 with yields increasing to 9% from 8% in February. Finance Minister Anton Siluanov says the ministry will resume daily purchases of foreign currencies of about $100 million- stopped since March 4, 2014- to replenish its sovereign wealth fund. Bank of Russia head, Ms. Nabiullina, says consumer inflation will exceed the target of 5% and economic growth is likely to fall below 1%. The crisis come at a bad time for Russia as it has slowed economic growth when growth had already fallen sharply in 2013. Russia plans to introduce its own payments system to reduce dependence on Visa Inc., and introduce its own credit ratings system as S&P, Moody's lowered its credit ratings.
U.S. sanctions on Russia following the Russian occupation of the Crimea and fears of occupation of eastern Ukraine
04/02/2009
The planned sanctions at the early stages of the crisis are for Russian officials and groups taking part in the takeover of the Crimea and threat to eastern Ukraine, and not on the Russian economy. Russian intervention in the Russian speaking eastern Ukraine would lead to the U.S. pushing its case with the EU and Germany for broader sanctions. If a standoff occurs as happened by an earlier Russian intervention in Georgia to support a Russian speaking region, these limited personal sanctions would remain in place.
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Nabiullina is one of the liberal economists who see the period following the devaluation of the ruble in 1998 as generating higher economic growth because it lowered the cost for industry and agriculture. She sees the crisis as a way to get Russians to use less imports and promote import substitution for a healthier economy.
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