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The Fall and Rise of the Russian Ruble

Western sanctions ravaged the ruble after Putin’s invasion of Ukraine. How did the currency bounce back?

By , a deputy editor at Foreign Policy.
A woman walks past a currency exchange office in central Moscow.
A woman walks past a currency exchange office in central Moscow.
A woman walks past a currency exchange office in central Moscow on Feb. 24, the day Russia began its invasion of Ukraine. ALEXANDER NEMENOV/AFP via Getty Images

Russia’s War in Ukraine

The U.S. dollar was valued this week at about 80 Russian rubles, roughly the same exchange rate in effect before Russia invaded Ukraine on Feb. 24. Western sanctions had initially ravaged the Russian currency—but it has bounced back.

Cameron Abadi is a deputy editor at Foreign Policy. Twitter: @CameronAbadi

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