Russian economy

Rating agency Standard & Poors (S&P) has confirmed Russia’s foreign currency sovereign credit rating at BBB-/A-3, giving it a stable outlook.

Russia has eliminated US currency from its National Wealth Fund while boosting the share of the euro, the Chinese yuan and gold, the country’s Finance Ministry announced on Tuesday.

The world’s largest coal-producing country, Russia, plans to increase its output and exports over the next 15 years. Russia’s share of the global coal export market is projected to expand to 25 percent from the current 11 percent.

Shipments of Russian crude oil to China increased more than 30 percent in March compared to a year earlier while Saudi imports of the commodity sank, Reuters reported, citing Chinese customs data.