INSUBCONTINENT EXCLUSIVE:
Russia said it would loosen capital controls late Monday as the surging ruble threatened to reduce export revenues.The Finance Ministry said
in a statement that it would cut the share of foreign currency earnings exporters were required to convert to rubles from 80% to 50%.But the
2.4% in Tuesday morning trading to 56.61 against the U.S
stabilization of the ruble exchange rate and the achievement of a sufficient level of liquidity in foreign currency on the domestic
measures are unlikely to lead to a major ruble weakening for at least several weeks, expertstold independent media outlet The Bell.Moreover,
they said exporters will still end up selling more than 50% of their foreign currency earnings to fulfill their tax obligations, The Bell
sanctions led to a collapse in the ruble's value following the invasion of Ukraine.This move, and a raft of other currency controls, has
helped the ruble strengthen 53% since its February low of 121.53 against the U.S
