Russian Ruble Strengthens to 3-Year High

2026-04-24 12:13 By Andre Joaquim 1 min. read

The Russian ruble hovered around the 75 per USD level in April, its strongest in three years, amid support from higher energy prices and elevated interest rates by the Bank of Russia.

Oil and gas prices held their surge as the US and Iran prolonged their blockades of commercial vessels trough the Strait of Hormuz, supporting demand for alternative sources of oil and natural gas.

On top of that, the US suspended selected sanctions on Russian oil to alleviate the global supply crunch.

Not only did the developments support foreign exchange inflows from oil exporters, but a portion of energy exports are being negotiated in rubles as the Russian financial system is excluded from dollar-denominated transactions.

The initial plunge in the currency following the outbreak of the Iran conflict drove Russia's government to stop buying foreign exchange with energy revenues to fill its war chest.

Meanwhile, the Bank of Russia signaled it may be done cutting rates as pro-inflationary risks remain.



News Stream
Russian Ruble Strengthens to 3-Year High
The Russian ruble hovered around the 75 per USD level in April, its strongest in three years, amid support from higher energy prices and elevated interest rates by the Bank of Russia. Oil and gas prices held their surge as the US and Iran prolonged their blockades of commercial vessels trough the Strait of Hormuz, supporting demand for alternative sources of oil and natural gas. On top of that, the US suspended selected sanctions on Russian oil to alleviate the global supply crunch. Not only did the developments support foreign exchange inflows from oil exporters, but a portion of energy exports are being negotiated in rubles as the Russian financial system is excluded from dollar-denominated transactions. The initial plunge in the currency following the outbreak of the Iran conflict drove Russia's government to stop buying foreign exchange with energy revenues to fill its war chest. Meanwhile, the Bank of Russia signaled it may be done cutting rates as pro-inflationary risks remain.
2026-04-24
Russian Ruble Hits 35-month High
The Russian Ruble touched 74.75 against the USD, the highest since May 2023. Over the past 4 weeks, US Dollar Russian Ruble lost 8.1%, and in the last 12 months, it decreased 9.74%.
2026-04-15
Russian Ruble Eases from 3-Year High
The Russian ruble hovered around the 77 per USD mark, softening slightly from the near-three-year high of 75.5 from late February as increasing concerns to growth weighed against support from capital controls and the low influx of foreign currency to the Russian financial system. The Russian GDP expanded 1% in 2025, well below averages since the start of the invasion of Ukraine, prompting the Bank of Russia to unexpectedly extend its rate-cutting cycle. Still, mounting sanctions against the Russian central bank and key businesses prevented domestic market players from transact in hard currency, driving their fixes by the CBR to surge through the year. This was exemplified by the 96% plunge in ruble pair trading compared to before Russia's invasion of Ukraine. Additionally, the plunging energy revenues that are key for Russia's budget drove the CBR and Finance Ministry to sell gold and yuan in the National Welfare Fund to finance government operations, also supporting the currency.
2026-02-13