Russia news: Ruble returns to pre-Ukraine war levels in 2-year high | City & Business | Finance

Since the invasion the ruble has had a volatile time, initially crashing in value with scenes of Russians queueing at ATMs to withdrawn money and convert it into safer forms.

The ruble has since developed something of an artificial exchange rate with the Bank of Russia introducing wide ranging currency controls to prop it up.

Restrictions so far have included temporarily banning sales of foreign currencies to individuals and limiting withdrawal of foreign money to less than $10,000.

In a further bid to support the ruble President Putin has decreed that payment for energy from so-called “unfriendly countries” must be made in the Russian currency.

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