Reserve

<div class="textg" style="text-align: justify; font-weight: lighter; line-height: 1.3em; font-size: 15px; border-radius: 3px; color: #80909a; padding: 10px; background-color: #F4F6F9; margin-bottom: 15px;">
 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
</div> 
<p class="has-drop-cap">Russian President Vladimir Putin gave the nod to a deal that allows UK oil giant Shell to transfer more than <a href="https://www.rferl.org/a/russia-shell-stake-sakhalin-gas/32348816.html" target="_blank" aria-label="$1.2 billion (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">$1.2 billion</a> in proceeds from its pipeline project sale abroad. The move, along with the West’s sanctions and a series of international firms exiting Russia, <a aria-label="pushed the ruble down to a 1-year low (opens in a new tab)" href="https://www.themoscowtimes.com/2023/04/07/ruble-tumbles-to-12-month-low-as-kremlin-greenlights-shell-sale-a80741" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">pushed the ruble down to a 1-year low</a>.</p> 
<h3 id="putin-s-approval-of-shell-deal-adds-to-ruble-s-woes">Putin’s Approval of Shell Deal Adds to Ruble’s Woes</h3> 
<p>The Russian ruble has fallen to a 12-month low against the US dollar as <a aria-label="sanctions against Moscow (opens in a new tab)" href="https://www.bbc.com/news/world-europe-60125659" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">sanctions against Moscow</a> and foreign firms fleeing the country continue to weigh on its economy. The Russian currency was trading at around 81 rubles to the dollar on Friday at the time of the writing.</p> 
<p>The steep decline in the ruble comes from a combination of factors, including the end of the Russian tax year – a period when large exporters trade foreign currency for rubles to satisfy their payment obligations to the state budget. Meanwhile, the Russian money is also under pressure from trade inflows as imports pick up while exports continue to tumble.</p> 
<p>Most recently, analysts attributed the ruble’s decline to President Vladimir Putin’s approval of a deal that enables UK energy company Shell to sell its stake in the Sakhalin-2 oil pipeline project in Russia’s Far East. According to a local Russian outlet Kommersant, Putin allowed Shell to sell its holdings in the Sakhalin-2 to Russia’s Novatek PJSC – the second-largest natural gas producer in the country.</p> 
<p>If true, the deal allows Shell to <a aria-label="convert and repatriate $1 billion rubles (opens in a new tab)" href="https://www.bloomberg.com/news/articles/2023-04-06/report-on-shell-s-russia-exit-jolts-ruble-as-volumes-dwindle" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">convert and repatriate $1 billion rubles</a> from the pipeline project sale. In the wake of Western sanctions against Russia, Putin assembled a special commission that obliges foreign firms to request approval to sell assets in the country. However, in the face of its efforts to prevent foreign flight, the Russian economy sustained around $15 billion to $20 billion in losses from foreign companies exiting the country in the past year.</p> 
<div class="cta-referral"> 
 <img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" class="cta-referral__img" loading="lazy" decoding="async"> 
 <div class="cta-referral__text"> 
  <p>Join our&nbsp;<a href="https://t.me/thetokenist" target="_blank" rel="noreferrer noopener nofollow">Telegram group</a>&nbsp;and never miss a breaking digital asset story.</p> 
 </div> 
</div> 
<h3 id="cooling-labor-market-puts-pressure-on-the-dollar">Cooling Labor Market Puts Pressure on the Dollar</h3> 
<p>While the ruble has lost significant ground against the dollar in the past year, the greenback has weakened against the euro and sterling this week. The sterling rose to its highest in 10 months against the dollar, while the euro hit a two-month high.</p> 
<p>The dollar’s slump comes after weaker-than-expected economic data raised hopes among investors that the Federal Reserve may be finally done with its monetary policy tightening cycle. The report by the Labor Department revealed that <a href="https://www.cnbc.com/2023/04/04/jolts-february-2023-.html" target="_blank" aria-label="job openings fell (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">job openings fell</a> to the lowest level in almost two years, indicating that the labor market, one of the <a href="https://tokenist.com/us-hourly-earnings-fail-to-keep-pace-with-inflation-for-the-23rd-consecutive-month/" rel="dofollow" class="deco-link">key sources of US inflation</a>, was running out of steam.</p> 
<p>The report suggests that the Fed’s series of interest rate hikes are starting to affect the red-hot labor market. The US central bank has <a href="https://tokenist.com/march-brings-another-25-bps-hike-despite-worries-stemming-from-bank-crisis/" rel="dofollow" class="deco-link">hiked interest rates</a> nine times over the past year to reduce <a href="https://tokenist.com/us-inflation-declines-for-the-7th-consecutive-month-january-cpi-at-6-4/" rel="dofollow" class="deco-link">record-high inflation</a>.</p> 
<div class="cta-sub js__cta-sub"> 
 <div class="cta-sub__start" data-step="1"> 
  <div class="cta-sub__title">
   <strong>Finance is changing.</strong>
  </div> 
  <div class="cta-sub__subtitle">
   Learn how, with Five Minute Finance.
  </div> 
  <div class="cta-sub__excerpt">
   A weekly newsletter that covers the big trends in FinTech and Decentralized Finance.
  </div> <button type="button" class="btn">Try it out (for free)</button> 
 </div> 
 <div class="cta-sub__form" data-step="2" style="display: none;"> 
  <script type="text/javascript" src="https://app.getresponse.com/view_webform_v2.js?u=QcLhh&amp;webforms_id=zw3Wv"></script> 
 </div> 
 <div class="cta-sub__result" data-step="3" style="display: none;"> 
  <div class="cta-sub__title">
   Awesome
  </div> 
  <div class="cta-sub__caption">
   You’ve subscribed.
  </div> 
  <div class="cta-sub__greeting">
   You’re well on your way to being in the know.
  </div> 
 </div> 
</div> 
<p><em><strong>Do you think the US dollar and the Russian ruble will continue facing pressure in the coming months? Let us know in the comments below.</strong></em></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/ruble-plunges-to-12-month-low-as-putin-approves-shell-deal/">Ruble Plunges to 12-Month Low as Putin Approves Shell Deal</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Ruble Plunges to 12-Month Low as Putin Approves Shell Deal

目錄

TokenInsight

在 2023年4月7日發表的其他文章

Russia now second biggest crypto miner in the world

Bitcoin Passed its First Major Liquidity Stress Test: Report

DiFi Market Launches Web3 Digital Products Marketplace on Binance Smart Chain

Bitcoin White Paper Embedded in Apple's Mac Operating System

Dedaub Discovers Solidity Compiler Bug

Introducing the #1 Meme coin for 2023, And its not Dogecoin, Shiba Inu, Baby Doge Coin or Dogelon...

訂閱免費電子報，每天收取加密貨幣最新動態！