Why Russia’s Currency Is Surging

I’m walking through central Moscow at a new Christmas market to talk about something that sounds counter-intuitive in 2025: the Russian ruble is getting stronger. Since the start of the year it has risen sharply, but that headline hides a much more complicated story. In this video I break down why the ruble is strong, what capital controls, high interest rates and energy exports have to do with it, and why this strength is actually bad news for exporters and the state budget. At the same time, I look at why ordinary people often feel the benefits first, from lower inflation to cheaper imports and more stable savings. A simple story from far away that gets much stranger the closer you look.

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