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Russia has brought back some currency controls, requiring big exporters to sell their foreign earnings on the domestic market to help prop up the ruble, which has tumbled 24% this year because of the war in Ukraine. The Kremlin has approved a list of companies that must start depositing and selling their foreign currency earnings, according to a Kremlin statement cited by Interfax news agency.
The move will bring in extra government revenues of as much as 600 billion rubles a year, according to the statement. It will also buttress the ruble by reducing its volatility and increasing demand for it as investors flee the dollar, which has lost 24% against the euro and 29% against the yuan this year.
A number of Russia’s biggest exporters, including oil giants, have started converting their foreign profits into rubles on the domestic markets. The government has been urging businesses to do this for months in order to boost the rouble’s strength against the dollar and the euro, which it sees as rivals for Russian trade revenues.
Another factor behind the rouble’s recent weakening is that Western countries have cut off Russia’s main banks from the international messaging service SWIFT, making it harder to conduct cross-border transactions. That has forced the government to explore alternative ways of getting paid for its exports and paying for imports, such as accepting yuan instead of the dollar or euros.
The yuan has risen to become the world’s fourth largest reserve currency, even though it only represents about 3 percent of global currency reserves, well behind the dollar (60 percent) and the euro (20 percent). But Russia’s shift to a greater reliance on the yuan opens up a Pandora’s box of potential vulnerabilities for Moscow should relations with China deteriorate further. Moreover, it’s still unclear whether the yuan will ever become a fully-fledged reserve currency, given that the Chinese authorities are not keen on giving up their control over capital movements to foreign players. This is unlikely to change anytime soon, as long as sanctions against Russia remain in place.
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