At the outset of the Kremlin’s special military operation in Ukraine, U.S President Joe Biden declared that Western sanctions would crush the Russian currency and collapse its economy but now almost three months into the war the Rouble is now the world’s best performing currency.
It is speculated that one of the possible reasons for the Rouble’s rebounding is the decree by President Vladimir Putin that ‘hostile’ countries must pay for Russian oil and gas in the with the country’s currency but Moscow’s strengthening economic ties with China, India, Saudi Arabia and others has also helped to undermine the West’s economic war on the country.
Central bank data showed on Monday that Russia’s current account surplus more than tripled from January to April to $95.8 billion, boosted by higher proceeds from exports and a drop in imports Ary News reported.
Despite the ongoing war and sanctions by the U.S, EU and other Western countries on Russia, the Rouble has not only reached pre-war strengths but as of May 15th it has reached pre-Covid-19 pandemic levels.
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