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Russia imposed a capital-control measure aimed at stabilizing a volatile ruble, news reports said Wednesday.
The Kremlin said it would require 43 of the country’s biggest exporters, including major oil producers, to sell earnings from foreign sales on the domestic market for rubles to help ensure an adequate supply of foreign exchange, Bloomberg reported.
A similar measure was introduced after Russia’s invasion of Ukraine in February 2022 and was credited with helping the currency to rebound. The ruble has seen heavy pressure, weakening to trade at more than 100 per dollar this week for the first time since March 2022.
The ruble
USDRUB,
traded at 97.75 per dollar in recent trade, according to FactSet, after weakening to around 100.71 to the dollar earlier in the day. The ruble strengthened to 95.55 a dollar on Tuesday.
