The world’s most appreciated ruble

The rise in the Russian currency came after Moscow imposed a series of capital controls, requiring European customers to buy gas to pay in rubles to protect the currency after surrendering. A series of Western sanctions related to the war in Ukraine.

However, some strategists consider the ruble’s price increase to be unstable because many currency trading shops have stopped using the domestic ruble rate due to the large difference with the market rate. international.

At the end of February, in the first days of Russia’s military operation in Ukraine, the ruble fell sharply. After the West introduced a series of sanctions against Russia, the ruble fell to an all-time low of 121.5 rubles to 1 USD.

The current strong recovery of the ruble has surprised many people. The main reason for this is that the ruble is still being supported by world demand for Russian crude oil and gas despite the sanctions.

Bloomberg Economics estimates that, even as Russia continues to be isolated from the global economy, the country will still collect nearly $321 billion in energy exports this year, up more than a third from 2021.

In another development, the Central Bank of Russia has just released data showing that the country’s foreign exchange reserves have fallen from a pre-war record high of about $643 billion to more than $590 billion.

(According to VTV)

Experts explain the reason for the extraordinary recovery of the Russian rubleAfter losing nearly half of its value in March due to Western sanctions, the Russian ruble’s currency has made an extraordinary recovery, rising to levels not seen in more than two years.