Addressing the Eastern Economic Forum of Russia in Vladivostok, Putin claimed that the West’s initiatives were damaging the world economy while Asia was rising to take control of the global political scene.
The rouble had dropped 0.4% to change hands at 60.66 against the euro and was down 0.1% versus the greenback.
On September 7, with pressure falling on the prices of oil, the rouble may attempt the 61.5 level versus the dollar, according to specialists at Promsvyazbank.
The rouble has outperformed all other currencies in 2022, helped by the emergency capital limits that the central bank implemented in an effort to stop a large sell-off after February 24, when Russia started the war with Ukraine, which it deems a special military mission.
As a result, Russian government experts are now able to make more optimistic predictions regarding the state of the economy, helping to prevent the economic disaster that many people had anticipated.
In the Vladivostok symposium, the heads of Russia’s two largest banks declared that the banking industry had weathered the most severe effects of the sanctions, with Andrei Kostin, the CEO of CEO stating that banks probably do not require capitalization.
Following the benchmark MOEX index’s previous session high of 2,492.15 points, which was more than four months ago, Russian stocks were declining.
Gazprom, which announced unprecedented net profit in the first half of the year and suggested paying interim dividends after missing its yearly distribution for the first time in 24 years, provided support for the index the week before.
Russian stocks underwent profit-taking when the Moscow Exchange stated it would let non-residents from allied governments entry to the equity market starting on September 12. This announcement sparked concerns about overhangs.
The MOEX Russian index, which is denominated in the Russian native currency, fell to 2,416.1 pts. The RTS index, denominated in US dollars, fell to 1,242.4 pts.