Economic dataSanctions
Russia’s economy is suffering under the weight of war and sanctions. So why is the ruble still one of the world’s strongest currencies?
The full-scale war remains a heavy burden on Russia’s economy. This year’s budget deficit will turn out to be roughly twice as large as authorities had expected, and will remain significant in the coming years. Because of the sanctions, the state is missing out on trillions of rubles. Ukrainian strikes on Russian oil refineries and other targets deep inside the country are also inflicting substantial damage. Nevertheless, the ruble has been strengthening against the dollar and the euro in recent months and has regularly ranked among the world’s strongest currencies in 2026. Why hasn’t it been