Russian Box Office Remains Strong Despite Currency Losing Value Against Dollar

Transformers: Age of Extinction TV Spot - H 2014

Transformers: Age of Extinction TV Spot - H 2014

'Transformers: Age of Extinction' is the year's top grossing movie so far

Despite the Russian ruble's losing more than 20 percent of its value against the U.S. dollar, the country's box office hit the $1 billion mark last weekend for the fourth consecutive year.

The $1 billion mark was achieved one week later than in 2013, but substantially earlier than in 2012 and 2011.

Transformers: Age of Extinction, which grossed $45.5 million, is the year's top grossing movie so far, followed by Maleficent ($37.9 million) and Guardians of the Galaxy ($37.8 million).

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Three more movies have passed the $30 million mark, Noah, How to Train Your Dragon 2 and Viy, the only Russian movie that made the top 10.

Local films have grossed $183.9 million so far, accounting for just over 18 percent of the total box office.

Over the last few months, senior Russian officials have been talking about the necessity to limit Hollywood presence on Russian screens in a bid to increase local releases' share, but no concrete steps have been taken.

Since the beginning of this year, the value of the Russian ruble has plummeted from 32.7 rubles for the dollar to 39.7 rubles for the dollar, an all-time low. The decline was primarily caused by the economic slowdown and Western sanctions against Russia following the annexation of the peninsular region of Crimea from Ukraine.