(VOVworld) – Russia’s government has ordered state-controlled exporters to sell part of their foreign currency holdings to help stabilise the ruble.

Pedestrians walk past a board listing foreign currency rates against the Russian ruble outside an exchange office in central Moscow on December 16, 2014. (Photo: AFP)

Involved are gas company Gazprom, oil firms Rosneft and Zarubezhneft, and 2 large diamond exporters. Analysts estimate this move could release to the market 40 to 50 billion USD by March 1.
The Russian central bank said Tuesday it will hold consultations with the exporters to keep the foreign exchange market stable and protect the companies from damages caused by exchange rate swings. Rosneft Vice President Mikhail Leontyev said he welcomes the order and that Russian companies need to co-operate with the government to save the Ruble “as there are forces working against it.”
Russian Prime Minister Dmitry Medvedev warned that Russia could sink into deep recession if the government does not manage the budget. Speaking at a United Russia Party conference, he said the Kremlin will maintain its strategic objectives and budget to avoid such a recession.