US sanctions imposed against Russia's largest oil exporters such as “Rosneft” and “Lukoil” could reduce the country's foreign exchange revenues and limit the supply of dollars in the domestic market.
Experts speaking to Russia's RBK publication do not unequivocally assess the consequences of this situation, as reported by the editorial office. Some economists believe that even if export volumes decrease, total revenue may remain stable due to rising energy prices. Other experts, on the contrary, think that sanctions could strengthen the ruble in the short term.
According to experts, exporters may be forced to sell more dollars as a precautionary measure due to increased risk in foreign currency operations. As a result, a short-term stabilization may be observed in the Russian currency market. However, in the long term, declining exports and instability in the energy market will continue to increase economic risks.