Why is the ruble so strong again? Russia owes this primarily – and cynically enough – to the high energy prices that were partly caused by the war in Ukraine.
Despite the West’s intentions to get rid of oil and gas from Russia, the country still sells a lot of gas and oil to the rest of the world.
Due to the house-high energy prices, the money is still flowing abundantly into Russia and that is what makes the ruble so strong. “The Russians can be paid in dollars, but they also try to force themselves to be paid in rubles,” explains Frank Vranken, chief strategist at asset manager Edmond de Rothschild.
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