The rouble climbed against the dollar on Thursday after the Kremlin reintroduced capital controls for the first time since the aftermath of Russia’s invasion of Ukraine last year.
Vladimir Putin, Russia’s president, signed a decree late on Wednesday forcing 43 companies, including energy, metals and agriculture exporters, to sell some of their foreign currency revenue on the domestic market to prop up the slumping rouble.
The currency climbed as much as 4 per cent against the dollar on Thursday, before falling back to trade around 2 per cent higher at Rbs97.35. Despite Thursday’s bounce, the currency remains 23 per cent lower against the dollar this year and has fallen by about a quarter since the war’s outset after western sanctions battered the country’s economy.
Read the full story on the Financial Times here.