Ruble gets a boost from news of Putin’s presidential run

The ruble gained on the dollar and euro following Putin’s announcement that he will stand in the 2018 election

(Sputnik) – Earlier in the day, before Putin’s statement, the dollar and the Euro were showing strong gains against the ruble. In particular, the dollar exchange rate before Putin’s  statements was 59,16 per ruble, and after it fell to 59.08. The Euro also slowed the growth down from 69,84 per ruble to 69,63.

On Wednesday, Vladimir Putin announced his intention to run in the presidential elections in 2018. Putin was first elected as Russian President in March 2000, and in 2004 was re-elected to this post. From 2008 to 2012 he worked at the post of Prime Minister, while Dmitry Medvedev was the head of the state. In 2012 Putin was elected for the third time as Russian President.

OFFICIAL: President Vladimir Putin to run in 2018 Presidential Elections

The Russian economy suffered a setback in 2014, as the ruble lost about half of its value against the US dollar amid low global oil prices and Western economic sanctions imposed against Russia over the situation in eastern Ukraine.

Crimea rejoined Russia in March, 2014 when 97 percent of the peninsula’s residents voted in favor of the move in a referendum. According to the Russian official stance, the referendum was conducted in compliance with the international law. However, the reunification was recognized neither by the Ukrainian authorities nor by the majority of Western countries, in particular US and EU member states.

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