the ruble at its highest for seven years

In Russia on Wednesday June 22, the ruble is at its highest level for seven years. Journalist Luc Lacroix points out that this is due in particular to the “Extremely high rates and very strict exchange controls put in place by the Russian central bank. Russian exporters have to convert almost all of their income into rubles. Individuals can hardly withdraw dollars or euros. And then there is the locomotive of gas and oil exports with the rise in world prices, it brings in more”he details in duplex from Moscow in the 11 p.m. of Franceinfo.

The journalist adds that this rise in the ruble “is a sham. The Russian economy is doing badly, an 8% recession is expected this year and it will have a hard time rebounding in the absence of Western components and technologies. And then a good part of the state budget is monopolized by the conflict in Ukraine. For the Russians, purchasing power is already largely weighed down. In May, inflation soared to 17% on an annual basis and for food products are even worse”announces Luc Lacroix.