Free Republic

The Russian ruble struck its weakest mark since late April on Tuesday, hurt by lower foreign currency revenue inflows from hydrocarbon exports and a continued recovery in imports as companies build new supply chains. -snip- The Russian government has been selling 8.9 billion rubles ($120.8 million) of foreign currency per day to plug a budget deficit that has soared because of lower oil and gas revenues. Expectations for weaker energy revenue were also weighing on the Russian currency after the central bank cut its Urals oil price forecast on Friday. The bank dropped its projected average price for the rest...

Russia’s energy giant Gazprom on Thursday lost more than a quarter of its market value after the state-owned company decided not to pay out dividends. “The shareholders have resolved that in the current situation it is not opportune to pay out dividends based on the results of 2021,” Famil Sadygov, deputy chairman of Gazprom, said in a statement. “At the moment, Gazprom prioritizes the implementation of its investment program, including gas infrastructure expansion in the regions of the Russian Federation, and the preparations for the coming winter period. In addition, we undoubtedly must be ready to meet our obligations to...