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“The ruble’s weakening is a factor that stimulates Russian exports,” Ryabkov said.
US White House spokesman Josh Earnest said on Tuesday the ruble’s weakening meant that the US and EU sanctions imposed on Russia over its stance on the Ukraine crisis were reaching their goals.
“World oil prices were seen to go down in August. The sectoral sanctions imposed on the Russian economy have limited access for large corporate borrowers to external capital markets,” Russia’s Central Bank said in its monetary policy report this week.
“The negative impact of these developments was mitigated by the ruble’s weakening, which however, may increase inflationary pressure,” the regulator said.