“If geopolitical risks materialize, in particular, the escalation of sanctions rhetoric towards Russia and a new round of conflict with Ukraine, we can expect relatively high gas prices, which the EU will have to pay.

This could lead to the strengthening of the dollar and the weakening of the euro, at least in the first quarter of 2022, ”said Finogenova.

She also called a possible depreciation of the ruble by 5-7% by mid-2022.

Earlier, the National Rating Agency gave a forecast for the ruble exchange rate for 2022.

The ruble is expected to be in the range of 73-76 rubles per dollar.