... Year-End Summary: Ruble Exchange Rate Dynamics The ruble weakened amidst a range of internal and external factors. According to the Central Bank of Russia, the national currency ended the year with the following indicators: US Dollar Exchange Rate: +13.4% (ruble depreciation). Euro Exchange Rate: +7%. Chinese Yuan Exchange Rate: +6.8%. Main Causes of Ruble Depreciation Geopolitical Factors The introduction of new US sanctions against Russia in November 2024 dealt a serious blow to the economy. The sanctions affected ...

... other, leads to currency revaluation of debt obligations and other paper losses. Therefore, the external environment in H1 2025 was complex: the macroeconomic landscape was characterized by a decline in export volumes and moderately low prices; however, ruble depreciation and market restructuring played in the company's favor regarding ruble revenues. Revenue: Moderate Growth and Structural Shift Gazprom's revenue under RAS in H1 2025 increased by approximately 4–5% year-on-year, reaching 3.05 trillion rubles ...

.... Precious Metals and Currency Assets Gold. Gold is viewed as a "safe haven" against inflation and strengthens the portfolio during crises. In 2024, the price of gold in rubles rose approximately 30% (due both to global price increases and ruble depreciation). Gold does not generate coupons, but can serve as insurance: if the ruble falls, gold and dollars will increase in ruble terms. The downside is the lack of regular income, and price increases are not guaranteed (e.g., prices corrected downward ...

... dollar exchange rate will remain in the range of 100–105 rubles, which is attributed to stable oil prices and cooling import demand. This level of the exchange rate is comfortable for the budget, exporters, and currency buyers. However, a new wave of ruble depreciation is possible closer to spring. What Investors Should Pay Attention To Investors should consider that the strengthening of the ruble creates additional opportunities for working with ruble-denominated assets, especially in the context of high ...

... the central bank sharply increases the money supply in the economy, outpacing the growth of real indicators, the excess money contributes to inflation. Excessive issuance, for example, to finance a budget deficit, can "overheat" the economy. Depreciation of the national currency. The devaluation of the ruble leads to an increase in the cost of imports—from raw materials to finished products. The rise in prices of imported goods automatically drives up the overall price level in the economy. Negative external factors. Supply shocks (global increases ...