Cheaper ruble buoys Russian energy companies | Russia Beyond The Headlines:
"The Russian economy has found itself in a fairly unusual situation in recent weeks: oil prices remain high, but the ruble has weakened in value against leading international currencies. This is a dream come true for oil exporters and the Russian treasury is likely to benefit from the increase in revenues. Ordinary consumers, however, will suddenly find goods imported from abroad more expensive.
Traditionally, the ruble exchange rate has tracked the price of oil very closely, but over the past few months, the Russian national currency seems to have decoupled from oil.
Economists at Bank of America Merrill Lynch say there is a risk of the oil prices dipping a bit in the second quarter. But for Q1 and Q4, the bank expects crude to remain expensive."
'via Blog this'
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