#Russia Ruble tumbles to the weakest level since March 2022 while a Russian court sentenced opposition leader Alexey Navalny to another 19yrs in prison after convicting him of “extremism”. The Ruble is entirely managed by the Central Bank and the reason they have reduced the rate is to help the Finance Ministry manage budget deficit. The problem here is because Russia is having to sell oil at a 25% discount to Brent and that means the budget receipts are well short of forecast, Christopher Weafer of Chief Executive Officer of Macro-Advisory says.
