When the rouble dropped to a record-low 120 to the dollar within weeks of the invasion of Ukraine, it seemed Russia’s energy-dependent economy was buckling under international sanctions. But the Russian currency confounded expectations, regaining lost ground within a month and hitting a seven-year high a few months later. These spectacular gains were driven by rising oil and gas prices and a drop in imports in the wake of the invasion, boosting Russia’s current account surplus.
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