Ruble rises against USD to ₽75 for first in 8 weeks

• 

The Russian ruble rose Thursday against the US dollar and the euro, where the US currency fell under 75 rubles for the first time since mid-February, TASS reported.

The dollar exchange rate at the beginning of trading fell below the level of 75 rubles, while the euro exchange rate fell below the level of 81 rubles for the first time since October 27, 2021, the Russian agency added.

In the stock index, the Mixis index of ruble-denominated shares rose at the beginning of trading by 1.41% to 2684.14 points, and the RTS index of dollar-denominated shares rose by 4.79% to 1084.38 points, according to the data of the Moscow Stock Exchange.

The Russian ruble had fallen to unprecedented levels following US sanctions on Russia, though it gained ground after President Vladimir Putin had announced that his country would only accept payments in rubles for gas deliveries to "unfriendly countries" in a nod to all EU members in light of the harsh round of sanctions they imposed on Moscow.

The appreciation of the ruble against the USD and the euro is mainly due to Putin's decision, as following his announcement, Russia's ruble rose in the face of the USD and the euro, marking a major hike since the currency took a dive against the western currencies due to the sanctions imposed on the country.

The sanctions the EU is imposing on Russia are over its special military operation in Ukraine, launched due to NATO's eastward expansion, the Ukrainian shelling of Donbass, and the killing of the people of the Donetsk People's Republic and Lugansk People's Republic, in addition to Moscow wanting to "denazify" and demilitarize Ukraine.

In response, the US and its allies have rolled out comprehensive sanctions, including restrictions on the Russian central bank, export control measures, SWIFT cutoff for select banks, and closure of airspace to all Russian flights. Many of their companies have suspended their Russian operations.