俄罗斯卢布兑美元汇率从3月18日触及的近两年高点81.7跌至85，因为投资者重新考虑了美国让俄罗斯重返全球金融市场的可行性。普京总统在与美国总统特朗普通话后，没有同意美国在停火协议中提出的所有让步，限制了此前达成协议可能带来与乌克兰和平的希望。因此，投资者减少了之前对俄罗斯证券的抢购，希望美国在恢复与莫斯科经济关系的信号中，将俄罗斯资产重新引入全球金融市场。此外，卢布也受到警告的压力，克里姆林宫可能会继续放松资本管制以削弱货币，因为能源价格的下跌加剧了卢布走强带来的预算收入的稀缺。在政策方面，正如预期的那样，CBR将政策利率保持在21%，并对通货紧缩持更乐观的态度。

The Russian ruble weakened to 85 per USD from the near two-year high of 81.7 touched on March 18th as investors reconsidered the feasability of the US enabling Russia in returning to global financial markets. President Putin refrained from agreeing to all concessions suggested by the US in a ceasefire deal after a call with US President Trump, limiting previous hopes that a deal could introduce peace with Ukraine. Consequently, investors trimmed their previous rush onto Russian securities on hopes that the US would reintroduce Russian assets to global financial markets amid their signals of restoring economic ties with Moscow. Additionally, the ruble was also pressured by caution that the Kremlin may continue to relax capital controls to weaken the currency, as the decline in energy prices magnify the scarcity of budget revenues that come with a stronger ruble. On the policy front, the CBR held its policy rate at 21%, as expected, and stuck a more optimistic tone on disinflation.