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be bought to close deals, including to pay off foreign currency debts by importers, to hedge import contracts for 2023, as well as investors who fear greater weakening on the eve of long holidays. On the other hand, the weakening of the ruble before the tax period is beneficial for exporters. If there are large single transactions on the market, it is still not known exactly about them, they will remain speculation, says Donets. She is inclined to believe that a combination of factors is more likely to put pressure on the ruble.
Geopolitical tensions
In addition to economic factors, “chronic geopolitical tensions” may put pressure on the ruble. This was pointed out last week by the investment strategist of BCS World of Investments Alexander Bakhtin. On Monday, as the dollar and euro gained 3 rubles in a day, pressure on the Russian currency increased due to Vladimir Putin's meeting with Alexander Lukashenko, Reuters wrote: these talks heightened fears that Belarus could become a participant in the conflict in Ukraine. The Kremlin denies the possibility of Minsk joining the “special operation”. And today, Volodymyr Zelenskyy arrived in the United States on a secretly prepared visit, during which they may announce a new large package of assistance to Ukraine.
93 RUSSIA Country Report January 2023 www.intellinews.com