Despite the anti-Russian sanctions, the national currency is gaining ground. The ruble stands a good chance of once again becoming one of the world's best-performing currencies.
CBS analysts have reported a stunning turnaround of the ruble amid the toughest economic sanctions. Russia's ruble is strengthening steadily, continuing its winning streak as one of the best-performing currencies in the world this year. "The ruble has jumped 45% against the dollar since January," CBS reported. According to US analysts, normally, a country facing sanctions from the United States and the European Union would see investors fleeing and a steady outflow of capital, causing its currency to drop. However, Russia's measures are pushing the ruble higher. Jeffrey Frankel, a professor at Harvard University's Kennedy School, stressed that the draconian sanctions on Russia did not affect the country the way they were meant to.
CBS noted that Moscow had acted promptly to keep money from leaving the country. On top of that, demand for the ruble remained high amid a dramatic rise in fossil-fuel prices. Analysts add that the national currency resiliency indicates that Russia is insulated from Western sanctions.