Siluanov: ruble strengthened after unfounded panic due to US sanctions

MOSCOW, April 14. /TASS/. The rouble steadied after fluctuations in the foreign exchange market, which was triggered by nervousness around the U.S. sanctions. This was stated by Russian Finance Minister Anton Siluanov on air of the program “Vesti on Saturday with Sergei Brilev” on TV channel “Russia 1”.

“Markets reacted nervously to the new package of sanctions, restrictions, primarily around one of our largest companies – “RUSAL”. There is no logic. All this (the US sanctions – approx. TASS) is invented is absolutely not systematic, that is, of course, unnerving the markets,” said Siluanov. “Now, when the agitation subsided, the understanding of the situation occurs, the foreign exchange market the exchange rate begins to stabilize,” he added.

The Finance Minister also highlighted the successful actions of the government and the Central Bank of the Russian Federation, thanks to which, in his opinion, failed to strengthen the national currency. “And the government and the Central Bank took preventive measures to calm the market, reduce the volatility of the exchange rate. In principle, the result is” – said Siluanov. He explained that the Ministry of Finance and the Central Bank has stopped foreign exchange market and make purchases in the national welfare Fund (NWF) during fluctuations in the market.

The U.S. government on April 6 announced the introduction of sanctions against several Russian officials, businessmen and companies. Among them was the head of “Gazprom” Alexey Miller, the head of VTB Andrey Kostin, the owner of “Renova” Viktor Vekselberg, the General Director “Surgutneftegaz” Vladimir Bogdanov, Board member of “SIBUR” Kirill Shamalov, businessmen Igor Rotenberg and Oleg Deripaska, Suleiman Kerimov.

In the list of companies, several related Deripaska: Agroholding “Kuban”, “the EuroSibEnergo”, “RUSAL”, the holding “Russian machines” and the GAZ group, the investment company B-Finance, holdings Basic element and En+.

The Russian financial market on 9 April sharply negatively reacted to new U.S. sanctions: the indices of Mosuri and RTS fell by 8-11%, the dollar exchange rate has exceeded 60 rubles, Euro 75 rubles. the next day the situation on the currency market continued to remain negative for the ruble: dollar exchange rate reached 63,95 rubles, while the Euro rose from 78.77 to RUB, on 11 April, the dollar reached a 65,05 rubles, and the Euro rose to 80.5 RUB.