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  • Thumbnail for The Life of the Ruble as Told by Oil Prices
    The Life of the Ruble as Told by Oil Prices by Heil, Christian Jacob

    The Russian economy is widely assumed to have a fairly heavy reliance on the international oil market. This due to the large amount of oil Russia exports, and theoretically relies upon for economic success. This leads to a question of how responsive the Russian currency is to international oil prices. Using an ordinary least squares (OLS) model, it was found that the ruble is very dependent on valuations of international oil prices. The ruble and international oil prices experience a direct relationship where any rise in oil price will be reflected in the increasing value of the ruble, or decreasing value when oil prices fall.