Business & Economy

The ruble is a big problem for Europe

An American report revealed that the strength of the Russian currency, the ruble, has become a headache for Western banks, in addition to heavy losses for foreign companies that left the Russian market.

Johann Strobel, CEO of Austrian Bank “Raiffeisen”, spoke about how his bank’s profits are growing against the background of the ruble’s strengthening of its position among currencies, but for those who decided to liquidate their business in Russia, the strong Russian currency has become a “headache”.

The companies that decided to leave Russia immediately after the start of the special Russian operation to disarm Ukraine incurred huge losses. In the second quarter of the year, the French Credit Bank announced that it incurred pre-tax losses due to the withdrawal of 3.3 billion euros.

After the start of the special operation to protect Donbass from ultra-nationalists of Ukraine, the United States, the European Union and Britain imposed sanctions against Moscow. Several countries have announced freezing of Russian assets, and calls for the abandonment of Russian energy resources are becoming more frequent. But these measures dealt a severe blow to the West, causing a fuel crisis and rising food prices.

As Russian President Vladimir Putin said earlier, the policy of containing and weakening the country is a long-term strategy for the West, and the sanctions dealt a serious blow to the entire global economy.

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