Interfax: Russian rouble “the most sanction-proof currency” – Central Bank official

Moscow, 26 March: The rouble is a sanction-proof currency, the first deputy head of the Central Bank of the Russian Federation, Kseniya Yudayeva, has said at a conference in the State Duma.

“The rouble is the most sanction-proof currency,” she said without specifying the currencies compared to which the rouble is the most sanction-proof.

“We have found a paradoxical thing. We are currently examining the impact of sanctions in greater detail. It has turned out that the rouble is the most sanction-proof currency,” she noted.

It is not planned to impose restrictions on the movement of capital in Russia, the [Central] Bank of Russia does not consider this an effective measure, Yudayeva also stressed.

“Explicitly or implicitly (during discussions at the conference – Interfax) the issue of currency control has been raised. Our opinion is that this is an ineffective measure under any circumstances, and we would not like to introduce such measures, but in a certain sense sanctions are currency controls in reverse,” she said.

[Passage omitted: Economic Development Minister Aleksey Ulyukayev and Deputy Finance Minister Aleksey Moiseyev also said last week that Russia does not plan to impose restrictions on the movement of capital.

Today Yudayeva said that the Russian Central Bank was working on new rules for granting loans to banks that would be less dependent on ratings by rating agencies.]