Order of the Russian Ministry of Economy to exporters to strengthen the value of the ruble

Russia’s Ministry of Economy has ordered Russian exporters to convert 80 percent of their foreign currencies into rubles, in a statement aimed at countering the consequences of sanctions imposed on Russia’s financial system. It is on the agenda of the Ministry of Economy.

This measure is expected to stabilize the value of the ruble and increase investment in these countries instead of leaving it.

A statement from the Russian Ministry of Economy said; Today we will see the decision to oblige exporters to convert 80% of their export currency into rubles.

According to the law, Russian companies must convert a significant portion of their foreign currency assets into rubles in order to actually use the money to invest in Russia’s domestic market instead of abroad.

The Russian Ministry of Economy and the Central Bank of Russia are seeking to stabilize the country’s economic situation in the face of Western sanctions over its military operations against Ukraine.

Russia has said its military action against Ukraine is in fact demilitarizing Ukraine and emptying it of Nazi ideology.

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