The Russian ruble hit its strongest level against the dollar in more than six months on Thursday, buoyed by the US-Russian rapprochement and hopes in Moscow of sanctions relief.
Russia’s Foreign Minister Sergei Lavrov held talks with US Secretary of State Marco Rubio in Saudi Arabia earlier this week, the first high-level meeting between Moscow and Washington officials since Russia launched its military offensive on Ukraine in February 2022.
In a statement after the talks, the US side talked up “historic economic and investment opportunities” with Russia after a “successful end to the conflict in Ukraine.”
The Russian currency has strengthened considerably amid President Donald Trump’s dramatic pivot towards Moscow.
The central bank on Thursday set its official exchange rate at 88.5 rubles against the US dollar — its strongest level since August 2024.
Russia does not have a fixed exchange rate, but the central bank’s figure is a reflection of market activity.
The ruble has strengthened by around 14 percent since Trump returned to the White House on January 20.
The rebound comes after the currency plummeted when the outgoing Joe Biden administration hit Russia with its biggest packet of sanctions on Russia’s oil sector since the start of the offensive.
And the Russian stock market has also climbed 17 percent since the start of the year.
Analysts at state-run lender Sberbank said this week the climb was due, in part, to “reduced geopolitical pressure”.
Before Russia launched its military offensive on Ukraine, the ruble traded at around 75-80 against the US dollar.
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