Min: Russia exports metals at loss with ruble stronger than 70/USD

ST. PETERSBURG, Jun 17 (PRIME) -- Russia can export metal products only at a loss at a ruble rate of below 70 against the U.S. dollar, Industry and Trade Minister Denis Manturov said Friday on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

"The point zero for metallurgists is 70 rubles per U.S. dollar. We may export with a minimal efficiency at the level of 70, everything below that is a loss. This is why exports are falling," Manturov said.

The official said that higher imports can weaken the ruble, but not immediately.

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