The Russian ruble fell, on Wednesday, as it lost the support it received from a period of tax payments, and the Russian currency is still under pressure due to Western restrictions on Moscow's energy exports, which reduces its foreign exchange earnings.
At 07:12 GMT, the ruble fell by 0.3 percent against the dollar to 75.20, and lost about 0.5 percent against the European currency, the euro, to trade at 79.82. It also lost 0.8 percent against the Chinese yuan, to record 10.86.
The ruble has now lost the boost it received from tax payments that were due at the end of February, as exporters have mostly shifted their foreign currency earnings, increasing demand for the ruble.
BCS World of Investments said in a note that Russian oil companies should take advantage of the opportunity for the gradual decline in the value of the ruble, which hit its highest level in seven years last summer, as they pay taxes and fees depending on the price of the dollar. Operationally determined in rubles.
The Russian currency fell to near a ten-month low of 75 rubles against the dollar in mid-February, affected by lower foreign exchange earnings from oil and gas exports and fears of the European Union imposing new sanctions on Moscow.
The Russian currency has fallen this year due to a decline in energy revenues after an embargo imposed by the European Union on Russian oil and the ceiling on Russian energy prices imposed by the Group of Seven majors, which negatively affected sales.
The ruble may face more difficulties as European Union leaders discuss imposing a new set of sanctions on Moscow over the war against Ukraine, which is expected to target Russian politicians, military leaders and banks.
