Tension in Iran has pushed Russian oil prices up by more than 70%. If this trend continues until the end of the year, the Russian fiscal budget could gain an additional 3.5 trillion rubles, which would largely compensate for the budget deficit.
Additionally, high oil prices will support the ruble exchange rate. Recently, the ruble fell to 88 rubles per dollar, but it rebounded to 84 rubles per dollar on March 20. This sharp fluctuation is related to the suspension of foreign exchange sales according to the fiscal rules, which reduced the money supply in the market.
Original article: toutiao.com/article/1860413961340928/
Statement: This article represents the views of the author himself.