The ruble (Russian currency) continues to recover against the dollar as a direct result of the rapid rapprochement between Washington and Moscow, which raised hopes for the Russian side to lift US sanctions.
On Thursday, the ruble recorded its highest level against the dollar and the euro since August 2024, and the Russian currency continued to recover today.
The Russian currency was traded in the foreign markets at less than 88 robes per dollar in the morning transactions today, and it is currently being circulated at 87.8 rubles against the dollar.
The Russian Central Bank set the exchange rate – today – with one dollar for 88.51 rubles, and one euro for 92.48 rubles.
The exchange rate is not fixed in Russia, but the indicator issued by the Russian Central Bank reflects the market activity.
Economic opportunities
Observers believe that the Russian markets expect good news in the relations between Moscow and Washington economically, in light of the dark expectations of growth in Russia in 2025, and the country incurred heavy costs as a result of the conflict in Ukraine.
Washington confirmed – following the meeting of Foreign Minister Marco Rubio and his Russian counterpart Sergey Lavrov on Tuesday in Riyadh – that the meeting allowed “the foundations” of “historical economic and investment and investment opportunities” that will result in an end to the war in Ukraine.
The recovery of the ruble comes after it fell in late November 2024 to its lowest level since March 2022 against the dollar and the euro against the background of escalating tensions between Russia and Western countries over Ukraine, and new US sanctions imposed by the administration of former President Joe Biden.
The sanctions, especially the Russian oil sector, were targeted, which is a basic source of revenue for Moscow to finance its attack on Ukraine.
Before the war began in early 2022, the one dollar was between 75-80 Robla.
During the war years, the Russian economy became largely dependent on military requests, affected by Western sanctions, despite their wrapping and continuing to import some commodities.
Experts believe that this situation is problematic for Russia in the long run, and that lifting US sanctions targeting Russian banks or oil companies may allow them to enhance their capabilities again.
https://www.youtube.com/watch?v=pjorz8cvxk4
Reducing sanctions on Russia
US Treasury Secretary Scott Besent said yesterday that Russia may be granted a mitigation of US sanctions based on its willingness to negotiate to end its war in Ukraine.
In response to his question about whether the United States is ready to increase or reduce sanctions on Russia, according to the end of the war talks in Ukraine, Pesent said, “This is a very good description,” adding, “The president is committed to ending this conflict very quickly.”
US President Donald Trump said he might meet with his Russian counterpart, Vladimir Putin, this month to discuss the end of the war.
Besent refrained from setting the date of the Trump Putin meeting, but stressed that he would not attend the Group of Twenty Financial Ministers and Central Bank governors next week in South Africa “due to internal considerations.”
Metal deal with Ukraine
US Treasury Secretary, Ukrainian President Voludmir Zellinski, criticized for not signing an agreement worth $ 500 billion to provide biological minerals to the United States and to escalate the war with Trump.
Besent said Zellinski “assured him that he would sign the metal deal in Munich and did not do.” The American President accused his Ukrainian counterpart of “a dictator.”
Yesterday, Zellinski rejected US demands that Ukraine pay $ 500 billion in Washington in the form of metal resources, for aid it received from the United States during the war.
The Ukrainian president said that the United States has not yet provided what is close to that amount, nor has any specific security guarantees in the agreement provided.
