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Kremlin expects markets to gradually adjust to current economic situation

April 10, 12:14 UTC+3

The country's leadership are following the situation closely, according to the Kremlin spokesman

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MOSCOW, April 10. /TASS/. The Russian President’s spokesman Dmitry Peskov believes that after some time the markets may adjust to the complicated economic situation.

"Now, indeed, there are quite strong negative trends on the exchange, partially due to the market situation, partially they are caused by emotional factors," the Kremlin spokesman told journalists.

In his opinion, "afterwards there will be a certain adjustment." Peskov refrained from making forecasts how and when it will happen.

"What (adjustment) will it be - so far, it unlikely that anyone will say," he added.

He stressed: "At least they all [the country's leadership] are following the situation closely."

The Kremlin official said that "economic agenda is constant in the working schedule of the President [Vladimir Putin], synchronization of activities on economic issues takes place practically online." Peskov stressed that "practically every day the President holds meetings, which are one way or the other concern economic aspects."

Ruble’s sharp decline

On Tuesday, the ruble slumped to a new record low since December 2016. The dollar rate against the ruble exceeded 63 rubles on the Moscow Exchange and amounted to 63.55 rubles (2.89 rubles up since the previous closure of trading).

According to the trading data, the euro rate on the Moscow stock exchange exceeded 78 rubles and amounted to 78.42 rubles. (3.72 rubles up since the previous close), first time since April 6, 2016.

The ruble began to fall sharply after the US introduced new sanctions against a number of Russian officials, businessmen and companies. The list of sanctioned businessmen includes head of Gazprom Alexei Miller, head of VTB Andrei Kostin, owner of Renova Viktor Vekselberg, general director of Surgutneftegaz Vladimir Bogdanov, board member of Sibur Holding Kirill Shamalov, businessmen Igor Rotenberg, Oleg Deripaska and Suleiman Kerimov.

The list of sanctioned companies includes several enterprises related to Oleg Deripaska: Agroholding Kuban, Evrosibenergo, RusAl, Russian Machines Holding and GAZ Group, B-Finance investment company, Basic Element holdings and En + .

The list also includes Viktor Vekselberg’s Renova, Kirill Shalamov’s Ladoga Management, Russian Financial Corporation (owned by Russian defense export agency Rosoboronexport), NPV Engineering and Rotenberg's Gazprom Drilling.

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