Russian President Vladimir Putin has approved the Digital Ruble Bill, allowing the nation’s central bank to introduce its own digital currency, signifying a major shift in Russia’s financial landscape.
Russia’s seaborne oil exports have hit a record high, with shipments from Baltic, Black Sea and Pacific ports all increasing. Urals oil is being sold at a discount, creating a potential risk due to sanctions.
Russia has sold the equivalent of almost $47 million of yuan in January to purchase roubles to compensate for budget shortfall created by decreased oil and gas revenues.
