Page 80 - RusRPTMar21

7.1 FX issues
The ruble exchange rate has largely delinked from the oil price. With the budget rule in place, sterilising oil revenues when prices get over $42 and FX traders holding back until it becomes clear what new sanctions the US will impose on Russia in March the ruble/dollar rate has remained remarkably stable despite oil prices rising from the $50s to as high as $65 per barrel. The fair price for the ruble is believed to be close to RUB68 to the dollar, but it is unlikely to get to that value until the geopolitical tensions ease.
80 RUSSIA Country Report March 2021 www.intellinews.com