Why is the ruble falling, even though the price of oil is rising

Marcel Salikhov gave a comment to Tinkoff Journal about the dynamics of the ruble exchange rate.

In the summer of 2022, the president abolished the requirement for the mandatory sale of 50% of foreign currency earnings and gave exporters the right to transfer it to their foreign accounts. This has led to the fact that now exporters are in no hurry to return the currency to Russia and seek to store it outside the Russian financial system, including for their own international settlements, Marcel Salikhov, president of the Institute for Energy and Finance says. The inflow of foreign exchange earnings into the country is getting smaller, but importers still need it.

The Central Bank also noted the same reason for the devaluation as the main one: according to the regulator, the volume of foreign currency sales by the largest exporters in June decreased by 23% compared to May.