Economy of Russia

Putin Says Russia’s Economic Woes Will Be Over in Two Years

President Vladimir Putin on Thursday pledged to diversify Russia's oil-and-gas dependent economy and said he was confident the weakening rouble will recover.

He blamed Western economic sanctions imposed over Moscow's support for pro-Russian rebels in eastern Ukraine and the slump in oil prices as the reasons for the recent fall in the rouble.

Ruble rallies in early trading on day of Putin press conference

The ruble rallied in early trading Dec. 18 ahead of President Vladimir Putin's eagerly-awaited annual press-conference, where he is expected to give his views on the financial crisis rocking Russia.
      
The ruble was trading at around 58 to the dollar and 72 to the euro -- the levels of last Friday -- after closing at 60.65 to the dollar and 75.10.
      

Apple Halts Online Sales in Russia Over Ruble Instability

The technological giant Apple has temporarily suspended online sales in Russia, because of the instability of the ruble, reports Bloomberg.

"Our online store in Russia is currently unavailable while we review pricing," Alan Hely, spokesperson of Apple told Bloomberg in an e-mail on Tuesday. "We apologise to customers for any inconvenience."

Russian central bank says ruble slide 'critical', to take further measures

The rapid slide of the ruble is a "critical situation" and the Russian central bank will take additional measures soon, the bank's first deputy chairman Sergei Shvetsov said Dec. 16.
      
"The situation is critical. We could not imagine this in our worst nightmare a year ago," he was quoted by Interfax as saying.        

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