The Russian rouble strengthened past 100 to the U.S. dollar on Friday, trading at 99.50, after President Vladimir Putin issued a decree allowing new payment options for European gas buyers. The rouble also rose 2.4% to 13.57 against China’s yuan on the Moscow stock exchange.
Putin’s decree lets European countries like Hungary and Slovakia convert currencies to roubles using banks not under sanctions. This move eased disruptions caused by U.S. sanctions on Gazprombank, which had weakened the rouble by 15%. Analysts say the decree unlocked stalled energy payments, boosting the currency.
Finance Minister Anton Siluanov attributed the rouble’s volatility to sanctions but expects stabilization soon. Despite Russia conducting most foreign trade in roubles and ‘friendly’ currencies like the yuan, domestic demand for dollars and euros remains high.
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