13.02.202611:23:59UTC+00Russian Ruble Eases from 3-Year High

The Russian ruble traded close to 77 per USD, easing slightly from its late‑February peak near a three‑year high of 75.5, as mounting concerns over economic growth offset support from tight capital controls and limited foreign currency inflows into the Russian financial system. Russian GDP grew by just 1% in 2025, significantly below the average pace recorded since the start of the invasion of Ukraine, prompting the Bank of Russia to unexpectedly prolong its interest rate‑cutting cycle. At the same time, escalating sanctions on the Russian central bank and major domestic companies sharply curtailed their ability to operate in hard currencies, driving up the CBR’s official exchange-rate fixes throughout the year. This was reflected in a 96% collapse in ruble pair trading volumes compared with pre‑invasion levels. Moreover, slumping energy revenues—crucial for Russia’s budget—forced the CBR and the Finance Ministry to sell gold and yuan from the National Welfare Fund to finance government spending, a move that also lent support to the ruble.