The Russian ruble has continued to fall relative to major Western currencies. On April 7, it reached more than 90 rubles to the dollar (for the first time since April 14, 2022). The ruble has fallen by 5 percent against the dollar and by 13 percent against the euro.
The decline has been caused by the end of the tax period, during which major economic players were selling Western currencies to pay their tax bills. Bloomberg also connected the decline to the news this week that Britain’s Shell Oil has withdrawn from the massive Sakhalin-2 oil-and-gas project.
The ruble nosedived to 113 per dollar after President Vladimir Putin ordered the invasion of Ukraine in February 2022, but the Central Bank and Finance Ministry helped stabilize the currency, and it strengthened to 50 per dollar in July.