UPDATE 1-Russia's Sberbank says rouble needs to weaken to 90 per US dollar for commodity exporters to 'breathe'

(refiles to fix typo in paragraph 5) By Gleb ​Bryanski and Elena Fabrichnaya MOSCOW, June ​3 - A strong rouble ‌is squeezing ​Russian commodity exporters, offsetting any lift in profits from higher oil prices and needs to fall to around ‌90 per U.S. dollar to help companies breathe, top Sberbank executive Alexander Vedyakhin told Reuters.

(refiles to fix typo in paragraph 5) By Gleb ​Bryanski and Elena Fabrichnaya

MOSCOW, June ​3 - A strong rouble ‌is squeezing ​Russian commodity exporters, offsetting any lift in profits from higher oil prices and needs to fall to around ‌90 per U.S. dollar to help companies breathe, top Sberbank executive Alexander Vedyakhin told Reuters. Sberbank raised its forecast for commodity exports this year by 27% to $491 billion based on ‌a spike in prices due to the war in the Middle East ‌and the closure of the Strait of Hormuz.

Sberbank is also projecting the average price for the Urals blend of oil in 2026 to be $10 to $15 higher than the $59 per barrel set ⁠out ​in the government's ⁠conservative forecast. But Vedyakhin said the strong rouble was a problem. "...We also need to talk about ⁠the strong rouble, which puts significant pressure on exporters. 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," he said ahead of Russia's biggest economic conference ⁠in ​St. Petersburg.

The rouble has strengthened by around 12% to around 71 against the dollar in the last two months on an inflow of foreign ⁠currency from Russian exports. The Russian currency has rallied by over 55% against the ⁠dollar since the ⁠start of 2025. The rouble's strength has affected companies from oil majors to fertilizer producers to grain traders and farmers.