Russia-Ukraine Megathread 28(upload.wikimedia.org)

Since February of this year all Russian exporters had to sell 80% of foreign currency obtained through imports, now that’s going to be effectively 100% for non-friendly countries.

I suspect it’s some of the following:

The seized National Wealth Fund was basically a scheme designed to devalue RUB by artificially inflating USD/EUR demand, making exporters’ expenses are lower, raising the profits of oil and gas sector. RF may be dropping the forced devaluation strategy both due to economic hardships imposed by sanctions and b/c there’s nowhere safe to put USD/EUR anymore.
Having a private bank operating through larger part of the cycle means having more control over exchange rates and also allows to circumvent sanctions related to payments by making new banks if needed.
This is a large Russia-Europe staring contest meant to elicit support for the one who doesn’t blink, and dedollarization that we’re so hopeful about isn’t actually in Putin’s plans.

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