Rouble hits one-week high as oil prices rebound on Russian fuel export ban

"In that sense, from the viewpoint of the current exchange rate, the key rate has had an impact." CAPITAL OUTFLOWS Deputy Finance Minister Alexei Moiseev said on Wednesday a series of currency control measures was being developed and discussed, aimed primarily at reducing capital outflows through countries that Russia considers friendly - that is, those that have not imposed sanctions over Moscow's invasion of Ukraine.

The Russian rouble hit a more than one-week high against the dollar on Thursday, helped by a temporary Russian ban on fuel exports that lifted oil prices, but the currency still struggled to pull away meaningfully from the 100 threshold. Russia

temporarily banned exports of gasoline and diesel on Thursday to all countries outside a circle of four ex-Soviet states with immediate effect in order to stabilise the domestic market.

By 1424 GMT, the rouble was 0.2% stronger against the dollar at 96.32, earlier hitting 95.3625, its strongest since Sept. 13. It had gained 0.8% to trade at 102.23 versus the euro and had firmed 0.4% against the yuan to 13.11. Brent crude oil, a global benchmark for Russia's main export, was up 0.7% at $94.15 a barrel.

Russian authorities are also discussing measures to buttress the rouble, which tumbled to a near 17-month low of 101.75 to the dollar in August. Interest rate hikes to 13% appear to have had a limited effect so far, but the Bank of Russia's Deputy Governor Alexei Zabotkin disputed that.

"If the rate had remained at 8.5%, then we would now be looking at a different level of the exchange rate, which would likely be well into triple digits," Interfax quoted Zabotkin as saying on Wednesday. "In that sense, from the viewpoint of the current exchange rate, the key rate has had an impact." CAPITAL OUTFLOWS

Deputy Finance Minister Alexei Moiseev said on Wednesday a series of currency control measures was being developed and discussed, aimed primarily at reducing capital outflows through countries that Russia considers friendly - that is, those that have not imposed sanctions over Moscow's invasion of Ukraine. Moiseev said Russia was partly a "hostage" to its own policy of promoting the use of roubles in international settlements.

"Unfortunately, in a situation when outflow through unfriendly countries in unfriendly currencies is significantly hampered, the outflow of capital through friendly countries, and moreover in roubles... leads to (the withdrawal of capital through friendly countries)," Interfax quoted Moiseev as saying. The government is also mulling an extra tax on exports of some metals, fertilisers and some other commodities that could divert an additional 600 billion roubles ($6.27 billion) to Russia's budget, seven sources told Reuters.

Russian stock indexes were lower. The dollar-denominated RTS index was down 0.8% to 994.2 points. The rouble-based MOEX Russian index was 1.3% lower at 3,029.6 points.

Shares in steel pipemaker TMK were around 2.4% lower after the company launched a secondary public offering of 1.5% of its shares. ($1 = 95.6390 roubles)

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