The value of the Russian currency has reached its lowest level since April last year. This is partly due to declining exports from the country and a worsening outlook for Russian oil prices. Russians now pay more than 80 rubles for 1 euro, almost as much as just before the start of the war in Ukraine.
In recent weeks, the value of the Russian currency has fallen somewhat, partly because Russia exports less oil and gas and can charge lower prices for Russian oil.
According to currency experts, the increasingly severe sanctions packages are also causing the value of the ruble to fall further. Russia has also been importing more in recent months from countries with which they do have a good relationship. These extra imports had a negative effect on the value of the ruble.
On the day of the invasion of Ukraine, one euro was worth about 91 rubles. In the weeks that followed, Russians soon paid 140 rubles for one euro. The absolute peak on March 7 was an exchange rate of 169 rubles for one euro.
But the Russian currency strengthened again from April when the Europeans continued to eagerly purchase gas and oil and the Russians imported much less, partly due to sanctions. The Russian central bank also temporarily raised its interest rates.
Between May and November, Russians paid an amount of around 60 rubles for a euro for a long time, a very favorable level for them compared to the exchange rate of the past five years.
