international magazine
01 / 2008

Convertible roubles outlook
A rouble zone for hydrocarbons

Lukoil head of analysis and investment Andrey Gaidamaka stated in the beginning of December in New York that the company planed to move its accounts to roubles: When your earnings are denominated in dollars and your expenditures in roubles, and your earnings fall as the currency falls, you have to do something about it. The dollar has fallen since 2003. From a maximum of 31.85 roubles/$1, the Russian central bank rate has fallen 23.4% to the current 24.44 roubles/$1.