Russian exports are poison, according to the CEO of Sberbank

Herman Gref demonstrates that sanctions have resulted in a strong ruble that is detrimental to domestic production.

According to Sberbank CEO Herman Gref, exporting damages the Russian economy in the current climate since it causes an excessive strengthening of the ruble and stifles domestic output. He made this statement on Friday at the St. Petersburg Economic Forum.

Gref thinks imports could in fact support the Russian economy as it faces severe economic penalties

"Export, once thought to be the main and most important thing, is now poison to the economy. The disease of the increasing ruble, which is actually also hurting domestic productivity, is being treated primarily by imports, he added.

Gref continued, saying that other currencies like the Turkish lira and the Indian rupee "will be of no value" since Russia will not be able to trade them because they are not "freely convertible" currencies. The only foreign currency that is valuable for Russia is the Chinese yuan.

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