Macro advisory in moscow. He said the situation for the russian currency is unique. You should not be looking at it in the same way as if there was a slide in a normally functioning economy or a european economy. The rouble is entirely managed now by the central bank in conjunction with the Finance Ministry, and has been since we last saw the rouble collapse down to about 130 in march of last year. So the Central Banks priority last year was to keep the Rouble Exchange rate high at around 60, because it was tackling inflation, but this year, because of the sanctions impact and because that has led to a big hit on the value of russias oil exports in particular, they have devalued the rouble in order to compensate for that fall in dollar terms. In other words, weaker rouble translating dollars into a higher rouble amount to balance the budget. Thats been the priority this year. It doesnt reflect an imminent crisis. Sort of a broad collapse in the economy. Its the result of the central Ba
The International Energy agency has revealed that lng now makes up 35 of europes energy supplies, not far off the 40 contribution that russia made before it was sanctioned over ukraine. Joining me now is ben mcwilliams, whos an Affiliate Fellow at bruegel. Thank you very much for being with us today. What are your concerns about where gas prices could go if these workers do indeed strike . This is certainly a concern, but to be clear up front, nothing comparable to last year. The position we are in is that, as you mentioned, as russian Pipeline Supplies have been cut over the last 12 months, the eu and uk have become more dependent on liquefied national gas. Natural gas. Australia typically supplies asia. If it were cut to asian consumers, we would see asian consumers turning around and looking to qatar and competing with european buyers there, which would in turn have some Knock On Effect on prices. As it had last week, 40 increase from around 30 to 36 euros just nothing like close to
Volume is involved, a0 million tonnes per year capacity, you would think there is a lot of incentive to make sure that this finds a resolution without it causing major disruption. resolution without it causing ma or disrution. , ., ~ resolution without it causing ma or disru tion. , ., ~ ., disruption. jake, we will leave it there for now, disruption. jake, we will leave it there for now, but disruption. jake, we will leave it there for now, but thank - disruption. jake, we will leave it there for now, but thank you - disruption. jake, we will leave it | there for now, but thank you very much, thank you. now, from mumbai to bangkok and jakarta, motorbikes are the most popular form of personal transport across asia. they re cheap and convenient, but also extremely polluting. 0ne taiwanese company believes it has a solution. 0ur asia correspondent rupert wingfield hayes sent us this report from taipei. here i am in taiwan, and this little electric scooter may not look like anything r
Competing if europe is also impacted b this? ~ ,, , s, competing if europe is also impacted b this? ~ ,, , by this? well, the us is a very larae by this? well, the us is a very large exoorter by this? well, the us is a very large exporter of by this? well, the us is a very large exporter of liquefied - by this? well, the us is a very - large exporter of liquefied natural gas, and it supplies have been growing. in fact, gas, and it supplies have been growing. infact, earlierthis gas, and it supplies have been growing. in fact, earlier this year, at one of its largest lng facilities, that was offline, but it is back online now and is producing in large quantities, so there is gas supplies from the us, that is likely to make its way over to asia alongside the eu. and the eu has been building out its own storage capacities as well, so it s ability to incrementally increase storage has improved as well. now, from mumbai to bangkok and jakarta, motorbikes are the most popularform of pers