Economy, Domestic Economy

Weak Ruble Cuts Exports to Russia

Weak Ruble Cuts Exports to RussiaWeak Ruble Cuts Exports to Russia

The decline in Iran’s exports to Russia is blamed on depreciation of the Russian currency against the dollar among other reasons, including the country’s strict food standards, says the deputy head of Trade Promotion Organization of Iran, Mohammad Reza Modoudi. Iran’s exports to Russia fell 39% in the last Iranian year (ended March 19) compared to the year before. “The recent sharp fall in the value of Russia’s ruble has increased the risk of exports to the country, which has resulted in an unwillingness among traders to ship their products to the market,” he was quoted as saying by ISNA on Monday. In January, the ruble slumped to an all-time low, as oil’s retreat choked revenue of the world’s largest energy exporter. The currency weakened as much as 4.1% against the dollar, surpassing the previous record it touched at the peak of Russia’s financial-market turmoil in December 2014.