Russian President Vladimir Putin has appointed the outgoing Prime Minister Dmitry Medvedev as the new Deputy Head of Security Council. In his new position, Medvedev will be overseeing national defence and security issues.
Earlier in the day, Vladimir Putin announced that he wants to make significant changes to Russia’s constitution to limit the power of his potential successor if he steps down from his position in 2024. Putin further noted that he is willing to put these proposals to a people’s vote.
With the initial market reaction to PM Medvedev’s resignation, the USD/RUB pair rose to a weekly high of 61.6848 but struggled to preserve its momentum. As of writing, the pair was virtually unchanged on the day at 61.4140.