Russian Corporations help Ruble

In order to stabilize the ruble, the Russian government has asked five companies to cut the size of its foreign currency assets: Gazprom, Rosneft, Zarubezhneft, Alrosa and Kristall.. On December 23, 2014 (local time), the ruble exchange rate raised by nearly 1 percent, appreciating the ruble to USD1 to 55 ruble.

The Central Bank of Russia on December 18th and 19th sold 500 million USD and 420 million USD respectively based on the requirement from the Russian Ministry of Finance under the Federal Treasury; the sovereign credit rating of Russia is BBB- level, changing from “negative” to “negative watch” a precursor to a downgrade.