FX.co ★ Forum “Russia Calling”: President speaks or news we wanted to hear

The government of the Russian Federation plans to considerably increase the Russian ruble use selling energy resources to China and other countries. The officials consider that the augment will contribute to the risks lowering and will offer additional opportunities to the market participants. “Recently the Russian company “Gazprom Neft” made a trial delivery of oil to China settled in the Russian ruble. In future we are determined to use national currencies for trading energy resources and other foreign trade settlements with China and other countries”, mentioned Vladimir Putin in his speech at the forum “Russia Calling”. Special focus was put on the readiness of the Central Bank to provide financial stability. Still this decision does not mean full cancellation of the currency interventions. The Head of State paid due attention to the growing inflation rate and capital outflows from the Russian market. “Russian credibility is not doubted by sound financial institutions, which can be seen by work of the Russian Direct Investment Fund. About $15 billion has already been attracted in the co-joined investment platforms. As to the inflation rate, it reached 7.5-7.6%, around 8%, which really is above the rate of the previous year, when it amounted 6.5%”, explained the President. Russia is intended to use its own financial resources as well as the capitals of investment funds and banks of other countries in order to renew economy and infrastructure. “The government is ready to support a few sectors and companies that went through unjust foreign sanctions; in addition, we will consider helping them to increase the capital, of course, giving priority to the financial institutions. We will suggest a system to improve the business climate in Russia. In co-operation with business community we have already introduced significant changes in legal basis at the federal and regional levels, eliminated numerous barriers and streamlined administrative procedures”, said Vladimir Putin.