The sector has not collapsed as the West had expected, according to the president The exodus of Western car brands has provided Russian manufacturers with an opportunity to take back the domestic market, President Vladimir Putin stated on Thursday during a marathon Q&A session.

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Around $450 million worth of foreign currency was converted into rubles last month, data shows The drop in the ruble exchange rate against major foreign currencies has prompted many Russians to sell off their dollar and euro holdings, the Bank of Russia said in its monthly financial risks review published this week.