MOSCOW—Russia has ordered five of the country’s major state-controlled exporters to sell excess currency reserves in its latest attempt to shore up the ruble, which has endured big losses this year in the wake of sliding oil prices.
The Russian government published an order on its website Tuesday, instructing gas giant Gazprom, oil companies Rosneft and Zarubezhneft and diamond producers Alrosa and Kristall to reduce their foreign currency assets to October levels and to not raise them again until March.
Two of these companies are 100 percent state-owned, others are state-controlled.
With oil prices sliding, Russia’s energy-dependent economy is suffering and is widely …read more
Source: The Epoch Times
