Russian Billionaire Criticizes Strong Ruble, Warns of Risks to Russian Economy

The continued strengthening of the Russian ruble against the U.S. dollar is meaningless, and Russia's persistence in pursuing such a policy has surprised the global business community, Russian billionaire Oleg Deripaska wrote on his Telegram channel.

According to Deripaska, neither Japan, South Korea, China, nor any other major export-oriented economy has ever pursued a strategy focused on strengthening its national currency in this way.

The businessman argued that a strong ruble reduces the competitiveness of Russian companies, increases budget deficits, and pushes many enterprises toward unprofitability.

His comments come amid ongoing debate over the impact of Russia's exchange-rate policy on exporters and the broader economy.

Officials Discuss the Optimal Exchange Rate

Earlier, Russian Finance Minister Anton Siluanov acknowledged that the current ruble exchange rate does not fully serve the interests of some Russian companies. As a result, businesses focused on foreign markets receive lower revenues, while importers benefit from more favorable conditions.

VTB Bank chief executive Andrey Kostin said that an exchange-rate corridor of 90-100 rubles per U.S. dollar would be the optimal level for the Russian economy.

Meanwhile, Alexander Shokhin, head of the Russian Union of Industrialists and Entrepreneurs, stated that the Bank of Russia's tight monetary policy remains the main obstacle to achieving that target range.

Currently, the Russian currency is traded at about 72 rubles per dollar and 84 rubles per euro.