Russian Central Bank: Gasoline imports won't weaken ruble

A senior official at the Russian Central Bank confirmed that the country's increasing need to import gasoline after Ukrainian attacks on local refineries will not adversely affect the ruble, as surplus crude oil exports will offset these costs and safeguard the trade balance. Gasoline imports from India have begun, and plans are underway to increase the volume to 400,000 tons per month. Although import costs could reach up to 60 billion rubles monthly, higher oil exports compensate for this impact on the currency, according to banking officials. Nevertheless, the ruble has experienced a gradual decline and is threatening inflation, amid warnings about rising fuel prices and their potential impact on price stability.

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