“Market hysteria will ease, difficulties remain”

Moscow - “Hysteria” on Russian markets will subside because of Central Bank interventions to support the rouble, but Russia faces a period of strained ties with the European Union and the United States which will weigh on the economy, a senior official said.

Deputy Economy Minister Andrei Klepach told Reuters on Monday that capital flight would continue, increasing pressure on the rouble.

Deputy Economy Minister Andrei Klepach. Credit: Reuters

“The wave of hysteria will pass, but it is difficult to say when,” Klepach said.

“Anyway, what lies ahead of us is a period of more confrontation and difficulties. For us, that will mean more complicated relations with the European Union, the States, with all the resulting consequences.” - Reuters