U.S. Secretary of State Antony Blinken said the ruble’s rebound is fueled by “a lot of manipulation” by Russian authorities and won’t be sustainable.
“People are being prevented from unloading rubles,” Blinken said on NBC’s “Meet the Press” on Sunday. “That’s artificially propping up the value. That’s not sustainable. So I think you’re going to see that change.”
Russia’s central bank has imposed severe capital controls to help counter financial sanctions by the U.S. and its allies and the impact of an exodus of Western companies after President Vladimir Putin’s invasion of Ukraine. That’s helped prop up the currency, which closed at 85.42 rubles per dollar on Friday, almost matching the exchange rate on Feb. 24 when Russia began the war.
