Putin Looks to Calm Markets, Business as Ruble Roils War Economy
- President rules out ‘de-privatization,’ reassures on currency
- Economic resilience threatened by spillovers from Ukraine war
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Russia is steering clear of extreme measures for now in response to economic turbulence, President Vladimir Putin said, trying to deliver a message of reassurance after a steep depreciation underscored his country’s vulnerability to financial shocks from the war in Ukraine.
Speaking at an investment forum on Tuesday ahead of his summit with North Korean leader Kim Jong Un, Putin said Russia can cope without resorting to tighter capital controls or seizing private assets. As Putin spoke, the ruble pared an advance against the dollar but is still on track for its third straight day of gains.