The Russian ruble is gaining its ground against the U.S. dollar to close at pre-war level on Wednesday, following positive signs from the latest peace talks with Ukraine.
Russian ruble was at a record high of ₽135.50 to 1 dollar earlier this month amid financial sanctions from Great Nations over the war in Ukraine. However, the Russian currency started to slowly strengthen against the greenback as time progressed, especially due to the President Vladimir Putin’s firm stance on not bending to western countries, vowing to use ruble as a currency for its gas exports payment.
Russia and Ukraine delegates met in Turkey earlier this week for a three-day meeting in peace talks. According to the report, the meeting showed some progress toward a positive outlook after Ukraine proposed that it will remain neutral and not join NATO, while Russia will put its troops on hold.
The ruble closed yesterday at ₽76 to 1 dollar, almost half of its peak and a level not seen since the middle of February 2022.
The currency is still largely fluctuate by external factors, as the dollar made some gain on ruble today, trading at around ₽81 to a dollar.
According to the report, Russia’s stance is softening as Putin said European companies could continue paying for gas supplies in euros or dollars through Gazprom, one of the banks left from sanctions.
