President of the Russian Federation assured ordinary citizens saying that he believed the current ruble exchange rate is quite appropriate. During the summit of the BRICS member states which was recently held in the city of Ufa, the Russian leader delivered a speech on the actual state of the domestic economy. As it turned out, those patriotic people who insisted that the US dollar cost nothing were mistaken. The Russian President called the present value of the greenback quite real adding that the ruble exchange rate is appropriate against major currencies. As for global issues, Vladimir Putin said that there are some problems but he stressed that they are of little importance to Russia. In other words, currently, the world economy is facing serious problems, while Russia’s economy still rests on fundamental principles which have been strengthened during Vladimir Putin’s presidency. The Russian population has another reason to be proud. As long as the rest of the world, especially developed countries, is suffering economic troubles, Russia can enjoy stability. The government takes a favourable view on the domestic labor market with low unemployment rate noting the trade surplus and positive reserves. However, the largest Russian corporations stricken by Western sanctions are looking for the funding opportunity through the BRICS. The New Development Bank established by the BRICS is considered to be a possible source of financial support to some state companies exposed to Western sanctions.
