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. Last Updated: 07/27/2016

LUKoil for Devaluation

MOSCOW -- Russia's largest oil producer LUKoil favors a gradual depreciation of the ruble to make exports more profitable and reflect ruble buying power, company Vice President Leonid Fedun said Wednesday.

A planned depreciation would be possible after Russia received an international aid package announced by the International Monetary Fund and the government.

"This would not be sudden but planned," Fedun said. He has previously said a quick and sharp devaluation would not help the country, including the oil industry. But he said depreciation would be a boon for the economy and the oil sector, where exports would grow.