On Monday, Russia’s ruble stabilized at around 80 against the U.S. dollar, supported by elevated interest rates, diminished demand for foreign currency, and the anticipation of forthcoming tax payments from major exporters.

By 11 a.m. Moscow time, the ruble had decreased by 0.3%, trading at 79.75 per U.S. dollar, as reported by LSEG based on over-the-counter quotes. Last week, the Russian currency reached a nearly two-year peak of 79.32 against the dollar.

This year, the ruble has appreciated by over 40% against the dollar. Analysts attribute this increase to reduced tensions with the United States during the Trump administration, coupled with the tight monetary policy of the Russian Central Bank, which has lowered demand for foreign currencies.

Last week, the Russian government announced the extension of requirements for major exporters to convert a portion of their foreign currency revenues until the end of April 2026.

According to Maxim Timoshenko from Russian Standard Bank, these restrictions, along with the Central Bank’s key interest rate at 21% and forthcoming tax payments, are beneficial for the ruble.

Typically, month-end tax payments drive exporters to convert their foreign currency earnings into rubles to fulfill local obligations.

Timoshenko noted that the future path of the national currency will significantly hinge on the recovery of import demand, as well as the ongoing geopolitical climate and sanctions discourse.

At the same time, the ruble fell by 0.4% against the Chinese yuan on the Moscow Stock Exchange. The Russian Central Bank utilizes the yuan for currency interventions, making it the most traded foreign currency in Russia.

Brent crude oil, a key global benchmark for Russia’s primary export, rose by 0.4%, reaching $65.07 per barrel.