Russia’s efforts to prop up the ruble appears to be working despite sanctions imposed by Western countries aimed at cutting the Kremlin’s access to external resources and crippling the nation’s ability to fund its war against Ukraine.
Last week, the ruble surged to a more than two-year high against the euro and the US dollar, recouping its losses during the war. The rally was triggered by Russia’s last-ditch attempt to avoid defaulting on a eurobond on Friday.
