Russian Ruble Records Strongest Growth Since 1994
The currency has also ranked among the world’s five most profitable major assets in 2025, surpassed only by precious metals such as platinum, silver, palladium, and gold.
Since January, the ruble has appreciated by 45%, trading close to 78 per US dollar and nearing levels last seen before the escalation of the Ukraine conflict in 2022, the outlet reported on Wednesday.
Analysts attribute the ruble’s resilience to a sharp drop in domestic demand for foreign currency under Western sanctions, combined with a strict monetary policy that has boosted the appeal of ruble-based investments for Russian residents.
The central bank upheld a record-high benchmark interest rate for three years until December, when it lowered the rate by five percentage points to 16% in an effort to control inflation amid sweeping sanctions tied to the Ukraine war.
This latest reduction continues a transition away from the emergency tightening measures introduced after sanctions were imposed, when the key rate surged from 9.5% to 20% to stabilize the ruble. Following cycles of easing and renewed tightening due to inflationary pressures, the rate peaked at 21% in October 2024 before the bank began gradual cuts this year.
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