After various sanctions amid the invasion of Ukraine, the Russian currency was falling 40% to 139 the dollar. Russia holds about $640 billion worth of foreign reserves which have frozen after the sanction. Out of the total gas import by European Union 40% come from Russia, 20% of oil import, and also 47% of solid fuel import comes from Russia. The top exports of Russia are crude petroleum ($74.4B), Refined Petroleum ($48B), Petroleum gas (($17.7B), gold ($18.7B), and coal briquettes ($14.5 billion). Exporting mostly to China ($49.3B), the United Kingdom ($25.3B), Netherland ($22.5B), Belarus ($15.3B), and Germany ($14.2B). In 2020, Russia was the world’s biggest exporter of wheat ($10.1B), semi-finished iron ($4.5B), nonfillet frozen fish ($2.58B), Naikel ($2.26B), and pig iron ($1.34B), according to a report of OEC world. Now, Russia knows the value of its assets so Russia started a ploy, and the government ordered Russian š·šŗ exporters to sell a minimum of 80% of foreign currency to support the Russian ruble. Russia asked their trading partner countries, that will accept only the Russian ruble against any other currency. Now, the value of the ruble against the dollar is currently trading at 81.30. As of now, we can say that Russia was able to rescue its Rubel with extreme steps. #Currency #Russiaukrenwar #export #Import #supplychain #Government
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