West sanctions fail to curb ‘rise of the ruble', but it may not be good news for Putin | Here’s why

Despite a grinding, sanction‑hit war in Ukraine, the ruble has climbed back toward pre‑invasion levels around 76–79 per dollar. High interest rates, capital repatriation and import restrictions are propping it up, but economists warn this “strong” ruble could backfire by slashing export revenues and undermining Russia’s long‑term, oil‑driven economy.