Strong rouble pressures Russian exporters says Sberbank
Sberbank executive Alexander Vedyakhin warns that the rouble's appreciation is offsetting gains from higher oil prices caused by Middle East supply disruptions. The bank projects a slowdown in investment lending as high real interest rates and rising domestic costs squeeze commodity exporters.
Sberbank executive Alexander Vedyakhin stated Russia must devalue the rouble to 90 per United States dollar to protect commodity exporters from rising domestic costs. The rouble has rallied 55% against the dollar since the start of 2025, reaching approximately 71 against the greenback over the last two months. This currency strength prevents exporters from capturing windfall profits even as international oil prices peaked above $120 per barrel in April.
