MOSCOW: The Russian currency, the ruble, has risen sharply against the euro and the dollar.
According to foreign media, the Russian currency ruble has risen by a record 30% this year, making it one of the best performing currencies of the year.
According to the report, on May 20, the ruble appreciated by 9% against the euro and 4% against the dollar, the highest increase in five years. Now the price of one euro is 61.10 rubles and this level was seen in June 2015 while one dollar has become 59.10 rubles.
Experts say the main reason for the rise in the Russian currency is the payment in rubles by European countries for the purchase of Russian gas.
It should be noted that Russian President Vladimir Putin had ordered the payment of Russian gas in rubles from April 1, saying that if foreign companies did not make payments, the supply of gas would be stopped.
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European countries rejected the Russian president’s proposal and refused to pay in rubles, after which Russia cut off gas supplies to two European countries.
However, due to possible gas cuts, several European countries, including Germany and Italy, have allowed their companies to open ruble accounts for Russian gas payments.
On the other hand, Russian sources say that 54 customers of its gas company Gasprom have opened accounts in Gasprom Bank and European companies are trying to make timely payments for gas supply.