A GIFT FROM LUKASHENKA JUST AS PUTIN STARTS SPEAKING
Lukanshena Orders Trade With Russia In Hard Currency Only
Belarusian President Alyaksandr Lukashenka has ordered his government to switch to U.S. dollars and euros in trading with Russia.
Lukashenka said at the Cabinet's session in Minsk on December 18 that "a task has been defined, which is to switch to dollars in trade with Russia, the way we pay for energy."
Lukashenka added that Belarus should have already demanded all payments from Russia in dollars and euros only.
Lukashenka’s statement comes amid a sharp decline in gthe exchange rate of the Russian ruble in recent weeks and less than two weeks before the Eurasian Economic Union, linking Russia, Belarus, and Kazakhstan, is scheduled to start functioning.
The ruble's fall has strained Russia's ties with its ex-Soviet neighbors.
Russia and Belarus have been at odds since late November, after Russia banned imports of meat and milk from Belarus, claiming it found traces of harmful substances. Minsk has also refused to follow Moscow's lead in introducing bans on food products from the European Union.
Based on reporting by BelTA and Interfax
Putin doing his best to provide positive economic outlook, but now shifting over the state of the currency.
Putin begins by talking about low unemployment and "record harvest."
HOW WILL THE RUBLE REACT?
Here are the rates at the start:
U.S. Dollar: 60.19
Euro: 74.54
Oh no...
THE POWER VERTICAL FEED WILL BE LIVE BLOGGING PUTIN'S PRESS CONFERENCE -- STAY TUNED
WELL, THAT WORKED OUT WELL...
At first, the Russian Central Bank's decision to raise its benchmark interest rate to an eye-popping 17 percent, the ruble firmed up in early morning trading.
But by mid-morning, it was plunging again to new lows. It is currently floating around 66 to the U.S. dollar and 82 to the euro.
Brent Crude, meanwhile, has dipped below $60 a barrel.
Looks like it's going to be a long day...
GIVE 'EM HELL ROBERT!
Watch my good friend Robert Pshel, NATO's representative in Moscow, give as good as he gets in a verbal showdown on Russia's state-run Channel One:
MORNING OIL & RUBLE UPDATE
Good morning. It's 8:25 a.m. in Prague. Brent Crude is selling at $66.18 a barrel. The ruble is trading at 54.18 to the U.S. dollar and 67.13 to the euro.
Follow it all in real time, and enjoy the zen vibes at zenrus.ru.