Putin says Russia has adequate resources to defend ruble

PanARMENIAN.Net - Russian President Vladimir Putin said Monday, Nov 10, that Moscow has adequate resources to defend its plunging ruble and ruled out capital controls or other "emergency measures."

Moscow is taking "necessary steps" in response to the "serious fluctuation" of its currency, Putin told an audience of businesspeople before a summit of leaders of 21 Asia-Pacific economies, the Associated Press reports.

The ruble has plummeted by 40 percent this year due to concern over the Ukraine crisis and falling prices for Russia's main exports of oil and gas.

Russia's central bank has been spending $30 billion a month buying rubles in currency markets to support the exchange rate.

"Our fundamentals in terms of currency reserves and balance of payments remain at good levels. That allows us to control the situation without taking any extraordinary emergency steps," Putin said. "We are not planning to impose any restrictions at all on capital flows."

Putin also used the appearance to make a sales pitch for Asian investment in Russia.

"We want you to come and succeed," Putin told the businesspeople from China, Japan and other Asian economies, according to the AP.

He pointed to the role of Japanese investors in developing oil and gas sources on Sakhalin Island off Russia's east coast and a Chinese stake in infrastructure construction.

The Russian leader said his government is simplifying investment, tax and other regulations. "It is our top priority to create a conducive environment for business," he said.