Russia’s ruble hit 52.3 to the dollar on Wednesday, an increase of roughly 1.3% on the previous day and its strongest level since May 2015.
That’s a world away from its plunge to 139 to the dollar in early March, when the U.S. and European Union started rolling out unprecedented sanctions on Moscow in response to its invasion of Ukraine.
“The idea was clear: crush the Russian economy violently,” Russian President Vladimir Putin said last week during the annual St. Petersburg International Economic Forum. “They did not succeed. Obviously, that didn’t happen.”
The ruble has actually gotten so strong that Russia’s central bank is actively taking measures to try to weaken it, fearing that this will make their exports less competitive.