Russia's weaker ruble not affecting Ukraine – expert

REUTERS Candidate of Economic Sciences Yevhen Nevmerzhytskyy notes the minor dependence of Ukraine&#39;s national currency, the hryvnia, on Russia&#39;s ruble and, therefore, the weaker ruble will not affect Ukraine. Read alsoCollapse continues: Russia&#39;s ruble updates 2-year low "How is a forex rate formed in Russia? There is certain dependence [of the forex rate] on oil and energy prices, because energy exports in the Russian Federation account for more than 50%. Growth in the price of Brent crude oil means direct incomes to Russia&#39;s budget," the expert told the Ukrainian online news outlet Obozrevatel on August 16. According to him, the situation is a little different in Ukraine. "We are not so dependent on exports of raw materials. In our case, such a component of our budget is grain whose exports are worth a little more than $6 billion. But their share is not 50% and even not 10% of our budget. If we speak about trade between the Russian Federation and Ukraine, its official volumes are constantly decreasing," he summed up.

Russia's weaker ruble not affecting Ukraine – expert

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