MADRID | By Ana Fuentes and Sean Duffy | Uncertainty surrounding the future impact of sanctions both at home and abroad has seen a mass exodus of capital from Russia this year. The Government has sought to address the issue by offering an amnesty to Russians with money stashed overseas. Over $100 billion has left the country in 2014 and Alexander Pechersky, a managing partner from ALT R&C, is sceptical about the impact this latest measure will have. “I don’t really believe in the efficiency of this amnesty. I think this is a measure for the media and to gain some headlines.”
MADRID | The Corner | The ruble plummeted on Monday, suffering its worst daily fall since Russia’s 1998 crisis, plunging more than 6% against the dollar before recovering to losses of around 4% Lowering oil prices are killing the currency, and yet Moscow does not intend to cut production in 2015, leaving output at the current 525-526 million metric tons. Russian analysts commenting for The Corner explained there is enough currency liquidity in the market to handle the shock. At least for now.