Some experts assume that the Russian ruble has recently experienced one of the biggest declines. In fact, this is just the beginning and the Russians will have to put up with that for the time being. The large-scale oil price war has not begun yet. Therefore, the Russian currency collapse is still to come. After oil prices plummeted by more than 30 percent, the ruble took a nosedive. The subsequent slight rebound did not change the situation, making the prospects for the currency even gloomier. Given the fact that the Russian government does not need the combination of the expensive ruble and cheap oil, there is nowhere to expect help from. The Central Bank of the Russian Federation predictably stated that the situation did not require intervention. Finance Minister Anton Siluanov assured that the Russian economy could withstand low oil prices. In other words, the authorities are fine with this situation, and the ruble's depreciation makes it possible to somehow offset the drop in oil prices. However, Russia's national currency is unlikely to regain its losses in the near future. Moreover, past experience shows that the value of the Russian ruble depends on oil prices. The ruble and oil are tumbling together but growing separately. These sharp price fluctuations are also under the authorities' control. The current OPEC + oil output reduction deal is due to expire on April 1. This will give the largest oil producers a free hand, thereby pulling the ruble down further.
