Falling oil price and devaluating ruble are part of plot to weaken Russia, Armenian economist says
22.10.2014,
16:28
The falling oil price and the devaluation of the Russian ruble are part of a scheme designed to weaken Russia, an Armenian economist Vardan Bostanjyan said today.
YEREVAN, October 22. / ARKA /. The falling oil price and the devaluation of the Russian ruble are part of a scheme designed to weaken Russia, an Armenian economist Vardan Bostanjyan said today.
"Now there is a struggle between the two poles. After the collapse of the USSR, the West thought it had done with the second pole, but it was mistaken. Now Russia under president Vladimir Putin is recovering what it used to have. I think that Russia is gaining strength and the devaluation of the ruble and failing oil price are a (Western) plot seeking to weaken Russia. But I believe it will not succeed,” Bostanjyan said.
According to him, Russia is now suffering losses that can affect also Armenia, but the emerging Eurasian Economic Union is bringing about additional opportunities for the development of its member states.
This year the ruble has fallen by an average 17% against USD and continued to fall, overcoming historical lows. Today it exceeds the mark of 40 rubles to the dollar. In Armenia the ruble has lost 16% from the beginning of the year against the dram. Today it traded at 9.9 drams.
The ruble has been pressured for months by a plunge in prices for oil, one of Russia's chief exports, as well as Western sanctions over the Ukraine crisis and dollar strength linked to speculation over a rate hike by the U.S. Federal Reserve. ($ 1 - 411.94 drams). -0--
