‘Absolutely no reason for panic’: As ruble falls, Putin says situation is ‘under control’

The ruble’s exchange rate is “generally” under control, Russian President Vladimir Putin said at a press conference in Astana, Kazakhstan.

“There is absolutely reason for panic. Yes, the processes are complex both in our country and in neighboring states, but they are under control, and everything is proceeding according to plan,” Putin stated.

The Russian president attributed fluctuations in the ruble’s exchange rate to several factors, including budgetary payments and oil prices. He noted that tools exist to combat inflation without raising the key interest rate, but emphasized that final decisions rest with the Central Bank.

Over the past week, the ruble has sharply declined. By Wednesday, November 27, its exchange rate against the dollar on the Forex market had approached 115 rubles, while the euro surpassed 120 rubles. On November 28, the Central Bank set the official rate at 108 rubles, a level last seen in March 2022.

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