The Russian government has ordered five large state-owned exporters including Rosneft and Gazprom to sell their foreign currency reserves in an attempt to prop up the rouble.
In a directive published on Tuesday, the boards of the five were told to meet and pass a resolution committing to sell down their reserves so that by the start of March they held no more foreign currency than at the start of October.
After then, they should maintain foreign currency reserves at the same level, said the directive addressed to government representatives on the boards of Rosneft, Gazprom and Zarubezhneft, the energy groups, and Alrosa and Kristall, the diamond producers.
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