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Eastern Economic Forum

Russian presidential aide says ruble’s weakening related to oil price fall in 1H

It is also noted that imports had recovered in the first half of the year

VLADIVOSTOK, September 11. /TASS/. The weakening of the ruble’s exchange rate was related to a decrease in oil prices in the first half of this year and recovering imports, Russia Presidential Aide Maxim Oreshkin told reporters on the sidelines of the Eastern Economic Forum (EEF).

"There were several reasons for the weakening (of the ruble - TASS). On the one hand, it was related to a decrease in oil prices, which fell rather strongly in the first half of the year, on the other hand, imports had recovered," he said, adding that it "naturally resulted from economic growth, from the growth of consumer demand." "This surely led to the current account of payment balance’s weakening, adding volatility to the market," Oreshkin noted.

The 8th Eastern Economic Forum (EEF) is running in Vladivostok on September 10-13, 2023. The slogan for this year’s forum is: On the Path to Partnership, Peace and Prosperity. The Roscongress Foundation is the event organizer. TASS is the EEF’s general information partner.

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