đ„ The Ruble comeback no one saw coming
Believe it or not, the Russian ruble is one of the best-performing major currencies of 2025 â up 45%+ vs the USD, trading near 78 per dollar, levels last seen before 2022.
So whatâs driving this surge? đ
Very tight monetary policy: Russia kept rates extremely high (above 20% earlier this year, now around 16%), making ruble assets attractive.
âFortress Russiaâ controls: Capital controls and forced conversion of export earnings created constant demand for the ruble.
Lower imports: Sanctions and economic shifts slashed import volumes, meaning fewer dollars leaving the country.
But hereâs the catch đ
This strength comes with real trade-offs:
Government revenue pain: Energy exports earn dollars, but a stronger ruble means fewer rubles at home â tough during heavy wartime spending.
Artificial strength: Low liquidity and restricted trading mean this isnât a fully free-market rally.
On the surface, the ruble looks like 2025âs currency champion đ
Underneath, itâs a tightly managed win â strong, but constrained â and one that could hurt export competitiveness over time.
