They pulled a bunch of emergency levers then to stabilize the ruble (and the economy as a whole). Thing is, emergency levers are emergency levers. You can’t just keep pulling them. It’s been predicted for a while that Russia would not be able to prop up its economy forever.
For a while you literally could not exchange them, the only transactions were from the central bank and they themselves set the rate. They also set up a currency swap scheme with Chinese banks and the yen which also helped provide short term stability.
It’s been worse. What did they do back in March 2022 to make it gain value? https://www.xe.com/currencycharts/?from=RUB&to=USD&view=5Y
They pulled a bunch of emergency levers then to stabilize the ruble (and the economy as a whole). Thing is, emergency levers are emergency levers. You can’t just keep pulling them. It’s been predicted for a while that Russia would not be able to prop up its economy forever.
For a while you literally could not exchange them, the only transactions were from the central bank and they themselves set the rate. They also set up a currency swap scheme with Chinese banks and the yen which also helped provide short term stability.