The Russian ruble will stabilize around 100 to the U.S. dollar after the period of volatility following U.S. sanctions on Russia's financial sector, Andrei Kostin, CEO of VTB Bank, Russia's second-largest lender, told Reuters on Monday. .
The Russian currency weakened 15% against the US dollar after the United States sanctioned Gazprombank, which managed Russia's energy trade with Europe and was a major supplier of foreign currencies to the Russian market, on November 22.
“In 2022, if you remember correctly, the dollar reached up to 120 rubles. A correction is already underway, the dollar is slightly above 100, and I think it will stay at this level,” he said. declared Mr. Kostin.
Kostin said the share of US dollar assets in VTB's balance sheet had significantly decreased as a result of Western sanctions.
“Previously, half of the bank's balance sheet was in dollars, and every exchange rate movement had a significant impact on us. Today we don't care at all,” Kostin said.
“I understand that exporters are happy (with the increase in the exchange rate following a new package of sanctions from the US Treasury), while importers are not very happy, but to a large extent it is “It's an emotional outburst,” he added.
