Russia said last week that it wants the European countries that buy its natural gas to make their payments in rubles, rather than dollars or euros. A month ago that might have seemed like a pretty good deal: the ruble was down 40 percent, at 139 rubles to the dollar, in the wake of Russia’s invasion of Ukraine.
Since that low point on March 7, however, the Russian ruble has staged a dramatic recovery. At the time of writing, it was trading at 84 to the dollar, which is right back where it was at the time of the invasion. And this is no dead cat bounce. It’s a sharp and sustained recovery that made the ruble the top performing currency in the world in the month of March.
And yet, all of the sanctions imposed when the war began are still in place, and in some cases they’re even more robust. So how have the Russians managed to revive their currency?
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