The Russian rouble, which was trading around 80 to the dollar before Moscow sent troops into Ukraine on Feb 24, lost 40 per cent of its value in the following days, slumping to an unprecedented level of 150 to the dollar.
"During the past 10 years the central bank intervened directly only several times, which now works in favour of the market exchange rate stabilising," said analyst Alexander Kudrin at investment bank Aton.Russian economy expert Janis Kluge at the Berlin-based SWP think tank tweeted recently that the rouble was strengthening thanks to strict capital controls and large oil and gas revenues following the initial sanctions"shock".
He also noted that Ukraine has received support from its international partners including the European Union and World Bank, adding that the International Monetary Fund has approved a $1.4 billion emergency aid programme for Ukraine.Mr Ousmene Mandeng, a visiting fellow at the London School of Economics, warned that while the measures may be justified by the extreme circumstances, they carry certain risks.
The central bank's Mr Lepushynskyi said it plans to relax restrictions as soon as it sees room to do so.
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