4月份，MOEX俄罗斯指数超过2900点，从4月9日触及的近四个月低点2650点反弹，与美国和亚洲股市的走势形成鲜明对比，因为西方对俄罗斯的一系列制裁使其金融部门脱离了全球发展。因此，与亚洲其他经济体相比，俄罗斯的资本外流相对有限，因为美国与其主要贸易伙伴之间的贸易战对其避开的市场的影响较小。尽管如此，在美国总统特朗普推迟了本月早些时候通过的一系列积极的互惠关税后，能源价格的短暂反弹间接支撑了该指数，支持了主要的燃料能源生产商。俄罗斯石油公司和卢克石油公司从最近的下滑中大幅反弹，而俄罗斯联邦储蓄银行和Yandex自年初以来扩大了反弹。

The MOEX Russia Index was above the 2,900 mark in April, rebounding from the near four-month low of 2,650 touched on April 9th, contrasting sharply to movements in US and Asian equity markets as the series of Western sanctions against Russia detached its financial sector to global developments. Consequently, capital outflows from Russia were relatively limited compared to other economies in Asia, as its shunned markets are due to have a lesser impact by trade wars between the US and its major trading partners. Still, the index was indirectly supported by the momentary rebound in energy prices after US President Trump delayed the aggressive batch of reciprocal tariffs passed earlier this month, supporting major fuel energy producers. Rosneft and Lukoil rebounded sharply from their recent slides, while Sberbank and Yandex expanded their rallies since the start of the year.

4月份，俄罗斯卢布兑美元汇率为82，徘徊在近两年来的最高点附近，这得益于美元的大幅下跌、资本管制和央行的高利率。对美国关税和其他经济体报复措施对全球资本流动冲击的担忧引发了美国和风险较高的新兴市场的资金外流，但莫斯科实施的资本管制阻止了国内投资者转向卢布计价资产。此外，由于与西方缺乏经济联系，俄罗斯未来贸易的相对稳定也限制了资本外逃的紧迫性。因此，尽管俄罗斯出口和克里姆林宫预算收入所依赖的能源和关键金属价格大幅下跌，但货币仍升值。与此同时，正如预期的那样，俄罗斯央行在上次会议上将政策利率保持在21%，并对通货紧缩持更乐观的态度。

The Russian ruble was at 82 per USD in April, hovering around its strongest in nearly two years, supported by the sharp decline in the dollar, capital controls, and high interest rates by the central bank. Concerns of shocks to global capital flows stemmed by US tariffs and retaliatory measures by other economies triggered outflows from the US and riskier emerging markets, but capital controls in place by Moscow prevented domestic investors from pivoting out of ruble-denominated assets. Also, the relative stability in future Russian trade due to its lack of economic ties in the West also limited the urgency of a capital flight. Consequently, the currency appreciated despite the sharp decline in prices of energy and key metals that Russia exports and the Kremlin depends on for its budget revenues. In the meantime, the Central Bank of Russia held its policy rate at 21% in its last meeting, as expected, and stuck a more optimistic tone on disinflation.

2025年3月，俄罗斯的生产者价格通胀率从上个月的六个月高点9.8%降至每年5.9%，这与俄罗斯央行关于通胀风险在此期间没有增加的言论相一致。经济放缓是由矿商转向通货紧缩引发的（-1.6%对2月份的10.7%）。与此同时，制造商的通货膨胀率放缓（7.4%对9.2%），而公用事业提供商的通货膨胀率上升（14.1%对13.3%）。与上月相比，生产者价格指数下降了1.5%。

Producer price inflation in Russia fell to 5.9% annually in March of 2025 from the six-month high of 9.8% in the previous month, aligned with the Bank of Russia's remarks that inflation risks have refrained from increasing through the period. The slowdown was triggered by a swing to deflation for miners (-1.6% vs 10.7% in February). In the meantime, inflation slowed for manufacturers (7.4% vs 9.2%) while it rose for utility providers (14.1% vs 13.3%). From the previous month, producer prices fell by 1.5%.

俄罗斯财政部官员表示，俄罗斯应该拥有自己的稳定币。俄罗斯财政部一位高级官员周三表示，在上个月持有流行的USDT稳定币的与俄罗斯相关的数字钱包被封锁后，俄罗斯应该开发自己的与其他货币挂钩的稳定币。

Russia should have own stablecoins, finance ministry official says.Russia should develop its own stablecoins pegged to other currencies after Russia-linked digital wallets holding the popular USDT stablecoin were blocked last month, a senior Finance Ministry official said on Wednesday.