The expert revealed the impact of Nord Stream on the ruble

MOSCOW, September 6 – PRIME. The main factor in the weakening of the ruble now is the stoppage of gas pumping through the Nord Stream pipeline, Valery Yemelyanov, an expert on the stock market at BCS Mir Investments, told the Prime agency.

“In the best years, Nord Stream accounted for up to a third of Gazprom’s total exports. And it, in turn, is the second most important source of foreign exchange income for the country,” the expert recalled.

At the same time, the demand for foreign currency from importing companies is increasing, this can be seen from the dynamics of the import of goods from abroad and the high trading volumes on the Moscow Exchange.

“The imbalance between supply and demand should cause a rise in the price of base currencies, that is, a fall in the ruble,” Yemelyanov summed up.

As for another factor that directly affects the value of the ruble – oil prices – they are under pressure due to the threat of a slowdown in the global economy. “But these raw materials are supported by the energy crisis in Europe, sanctions against Russia and a lack of capacity in the OPEC countries. Most likely, we will soon see oil slide down by tens of percent, but it is not at all a fact that this will happen in the coming weeks and months. The epic with the confrontation of the Russian Federation The EU is scheduled until December,” the source said.

In his opinion, the fact that investors are not aware of Europe’s plans for a hypothetical gap in the supply of raw materials does not allow the ruble to depreciate dynamically, and this keeps oil prices at high levels.

Against the growth of the ruble, in addition to all of the above, the structure of the budget of the Russian Federation plays: the Ministry of Finance cannot cut costs. For the government, a comfortable exchange rate for the ruble is above 70 rubles per dollar. According to the BCS representative, the market may come to it already in the current 2022.