Kudrin says ruble unlikely to recover to pre-sanction level

MOSCOW, Apr 23 (PRIME) -- The Russian ruble will hardly return to the level before the recent U.S. sanctions, Alexei Kudrin, former finance minister and chairman of the board of the Center for Strategic Research, said in an interview to channel NTV broadcast on Monday.

“The ruble must have consolidated at a new level now and we can say here that the past decline was fueled not just by rumors and emotions. Unfortunately, we have to admit that Western funds have reassessed the political risks of investment in Russia. This reassessment, the decline of this threshold is fundamental, it is serious, this is why the ruble has not fully recovered,” Kudrin said.

He also said that Russia’s retaliation to the U.S. sanctions must political rather than economic to prevent it harming the Russian business.

On April 6, the U.S. imposed sanctions against 38 Russian tycoons, officials and companies. The Russian authorities prepared a bill on counter-sanctions restricting employment of U.S. citizens, stopping nuclear and aircraft cooperation, banning imports of rare earth metals, U.S.-made agricultural, alcoholic, tobacco products and software.

Kudrin said, “I have just received tens of claims by business, companies which see a threat to the business from this bill … It is hard for us to find similar solutions against U.S. companies. I would rather seek them in the political sphere, in agreements, in mutual discussions, in mutual steps.”

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