The Russian ruble once fell to its lowest level against the US dollar since March 2022 and fell to a 15-month low against the euro due to growing market concerns about the escalation of the Russian-Ukrainian conflict. Tatha Ghose, a foreign exchange analyst at German Commercial Bank, said in a report that the ruble depreciated sharply in the past week due to weak fundamentals due to geographical conflicts and sanctions affecting Russia's energy and commodity trade. He said that if you only look at USD/RUB, this situation won't be that obvious because the dollar has risen strongly against emerging market currencies. “But judging from the EUR/RUB exchange rate, this is obvious. EUR/RUB has also been rising since mid-November.”

The Russian ruble once fell to its lowest level against the US dollar since March 2022 and fell to a 15-month low against the euro due to growing market concerns about the escalation of the Russian-Ukrainian conflict. Tatha Ghose, a foreign exchange analyst at German Commercial Bank, said in a report that the ruble depreciated sharply in the past week due to weak fundamentals due to geographical conflicts and sanctions affecting Russia's energy and commodity trade. He said that if you only look at USD/RUB, this situation won't be that obvious because the dollar has risen strongly against emerging market currencies. “But judging from the EUR/RUB exchange rate, this is obvious. EUR/RUB has also been rising since mid-November.”