Russia's Sberbank says rouble needs to weaken to 90 per US dollar for commodity exporters to 'breathe'

A strong Russian rouble is putting pressure on commodity exporters, offsetting gains from higher oil prices, and needs to weaken to around 90 US dollars to alleviate financial strain.

MOSCOW, June 3 - A ​strong rouble ​is squeezing ‌Russian commodity exporters, ​offsetting any boost to profits from ‌higher oil prices and needs to weaken to around 90 per U.S. ‌dollar to give companies some breathing ‌space, a top Sberbank executive told Reuters.

"...We also need to talk about the strong ⁠rouble, ​which ⁠puts significant pressure on exporters," First Deputy CEO ⁠of Russia's largest bank Sberbank, Alexander ​Vedyakhin, said ahead of Russia's biggest economic ⁠conference in St. Petersburg.

"This affects exporters ⁠and, ​consequently, the budget, so the gains in dollars that companies ⁠receive from rising oil prices are largely offset ⁠by ⁠the strengthening of the rouble."