Oligarch Deripaska Demanded The Collapse Of The Russian Ruble

To save the economy from the "shock" of war in Iran.

Oligarch O Oleg Deripaska has demanded weakening of the Russian ruble and a sharp cut in the key rate to prepare the economy for a possible global crisis due to the conflict in the Middle East, writes The Moscow Times.

He stressed that "this sudden conflict in the Middle East will not bring Russia anything good," despite rising oil, gas and fertilizer prices. According to him, the world economy will "seriously and permanently slow down" due to expensive energy resources, which will inevitably hit Russia as well. According to Deripaska, the situation is aggravated by the strengthening of the ruble last year below 80 per dollar, which "deprived the main sectors of the Russian economy of competitiveness in foreign markets."

The businessman called for a change in macroeconomic policy: "Before it's too late, our macroeconomists from the Central Bank, who can juggle numbers wonderfully, need to get smart - and gradually, over 4-6 months, to reduce the key rate to 6% and weaken the ruble to a level not lower than 105 per dollar. Then we will get through this crisis without major losses". He believes that the escalation of the conflict will continue, and the outcome is likely, in which the world economy "will cough up from high energy prices". In these conditions, Deripaska believes it is necessary to prepare the economy in advance for an external shock and "stop needlessly restraining the weakening of the ruble." "Or fall back on the rake - to spite everyone," he added.

The businessman also referred to experts' estimates, according to which federal budget losses from high interest rates and a strengthened ruble exceed 16 trillion rubles. He warned that without changes in economic policy, the consequences could affect the standard of living: "Summer vacation - in vegetable gardens, like in the good old days ..."

The majority of major Russian banks do not expect that the ruble exchange rate in 2026 will fall below the mark of 100 rubles per dollar. Only 3% of market participants lay down such a scenario, a survey by the NKR rating agency and B1 Group showed, RBC writes. CFOs of 32 banks, which account for 80% of the assets of the Russian banking system, took part in the survey. According to the survey, 84% of respondents predict the rate in the range of 80-100 rubles. Slightly more than half (56%) are inclined to the lower boundary - 80-90 rubles per dollar, and the remaining 28% believe in a weaker ruble in the corridor from 90 to 100 rubles. Only 4% believe that this year the dollar will cost less than Br70, and 9% - less than Br80.

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