How Sanctions Affected the Exchange Mechanism for Determining the Ruble Exchange Rate? Reshetnikov Responds

This was stated by the head of the Russian Ministry of Economic Development, Maxim Reshetnikov, in a conversation with journalists. «In Russia, the market has become much more volatile since last year after the exchange mechanism was effectively destroyed. Currently, we are working using over-the-counter contract registration,» shared the head of the Ministry of Economic Development.

Earlier, Reshetnikov claimed that the growth of the Russian economy by the end of 2024 had ceased to be uniform, as the pace in some sectors had slowed, particularly due to the Central Bank’s tight monetary policy. As he noted, «the tightening of monetary policy, the raising of the key rate, and the increase in macroprudential requirements have led to a contraction in lending—this not only reduces demand but also has a significant impact on investments, and consequently, on future product supply.»