Russia opened its foreign exchange market to the Cuban regime as part of a measure that includes thirty countries such as Brazil, Venezuela and China and which aims to do so Liberation from the economic sanctions of the West.
“Foreign credit institutions and brokers from friendly and neutral countries are admitted to trading on the Russian foreign exchange market and the derivatives market.. The list includes more than 30 countries,” said a decree signed by Russian Prime Minister Mikhail Mishustin, the official Sputnik agency reported.
The document contains the list of countries that have the green light to trade in the Russian foreign exchange market, including Azerbaijan, Armenia, Belarus, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan, Algeria, Bangladesh, Bahrain, Vietnam, Egypt, India, Iran, Qatar . Including United Arab Emirates, Pakistan, Saudi Arabia, Serbia, South Africa.
According to Sputnik, the order is: Increase the effectiveness of the mechanism of direct conversion of the national currencies of the included countries and the establishment of direct rates to the rublein response to the Sanctions imposed by the West against Russia after the invasion of Ukraine.
The Russian currency broke the psychological barrier of 100 rubles per dollar on the Moscow Stock Exchange in August. despite the measures taken by the Central Bank to stop its devaluation.
The Russian Central Bank has pointed out that the main factor behind the fall of the ruble remains the imbalance in the trade balance. He emphasized that the value of exports has fallen by a third since the second half of 2022. In December of that year, Western powers set a $60 cap on the price of Russian oil, the country’s main source of foreign currency.
Western sanctions have significantly reduced revenues from hydrocarbon exports – gas costs ten times less than last year – while imports are approaching pre-war levels.
Since November 2022, the governments of Russia and Cuba are exploring “mutual agreements” to operate in rubles and cryptocurrencies in commercial transactions and thus avoid sanctions that are burdensome for both parties. In May, youThree Russian banks decided to open branches in Cuba and submitted the necessary applications to the island’s central bank.