Moscow: 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, marking the first high-level meeting between Moscow and Washington officials since Russia launched its military offensive on Ukraine in February 2022.
According to Bangladesh Sangbad Sangstha, the US side, in a statement post-talks, highlighted “historic economic and investment opportunities” with Russia following a “successful end to the conflict in Ukraine.” The Russian currency has shown significant strengthening amid President Donald Trump’s notable pivot towards Moscow.
On Thursday, the central bank set its official exchange rate at 88.5 rubles against the US dollar, its strongest level since August 2024. Although Russia does not maintain a fixed exchange rate, the central bank’s figure is indicative of market activity. Since Trump’s return to the White House on January 20, the ruble has strengthened by approximately 14 percent.
The currency’s rebound follows a significant fall when the outgoing Joe Biden administration imposed the largest sanctions package on Russia’s oil sector since the beginning of the offensive. Additionally, the Russian stock market has experienced a 17 percent increase since the start of the year. Analysts at state-run lender Sberbank attributed this rise, in part, to “reduced geopolitical pressure.”
Before the onset of Russia’s military offensive on Ukraine, the ruble traded at approximately 75-80 against the US dollar.