Russian forex market has rolled back to the mid-1990s, says Russia's former minister of finance

Before 2022, the currency trading volume at the Moscow Exchange was two or three times as big as today, but "abandoning dollars and euros for settlements and a drop in the share of hard currencies contribute to the ruble's weakening," Mikhail Zadornov says. He adds that he "can't recall a situation when we had no foreigners at all [in the Russian currency market], be it banks or institutional investors.”