The CEO of Russia's biggest bank says the ruble is 'unjustifiably undervalued,' but Putin has downplayed the ruble's weakness — and it shows even Russia's elite don't see eye to eye about the economy

Thu, 09/14/2023 - 03:21

Sberbank CEO Herman Gref (left) and Russian President Vladimir Putin (right) talking. — Sberbank CEO Herman Gref and Russian President Vladimir Putin.
Alexey Nikolsky/Sputnik/AFP)/Getty Images.

Sberbank CEO Herman Gref said the Russian currency should be trading at 80 to 85 rubles to the US dollar.
The ruble is now trading around 96.5 to the dollar. The currency has fallen nearly 30% so far this year.
But on Tuesday, Russian President Putin tried to project an image of economic calm.

The boss of Russia's largest bank is unconvinced that the ruble is in a comfortable position — even though Russian President Putin has downplayed the currency's weakness.