自8月初以来，俄罗斯卢布兑美元汇率一直保持在80美元的水平，自今年7月以来，由于俄罗斯央行利率下调的前景，俄罗斯卢布的反弹达到两年来的最高点76.8，因此略有走弱。在通胀率降至9个月低点8.8%后，预计央行将从目前的18%延长降息周期。尽管如此，由于克里姆林宫的资本管制，人民币今年迄今仍上涨了40%。莫斯科的授权要求公司出售40%的出口收益，尽管克里姆林宫表示，公司出售了70%的收益。与此同时，俄罗斯经济放缓阻碍了国内企业进口商品和服务。在地缘政治方面，在普京总统会见美国总统特朗普讨论潜在条款后，停火或结束俄罗斯入侵乌克兰的前景也支持了俄罗斯的资产。欧盟对结束与乌克兰的战争的开放态度也支持了俄罗斯的资产。

The Russian ruble held at the 80 per USD level since the start of August, slightly weaker since its rally this year topped at a two-year high of 76.8 from July due to the outlook of lower rates by the CBR. The central bank is expected to extend its cutting cycle from the current rate of 18% after inflation softened to nine-month low of 8.8%. Still, the currency remained 40% higher year-to-date due to capital controls by the Kremlin. Moscow's mandate has companies selling 40% of export proceeds, although the Kremlin has stated that firms are selling 70% of their earnings. In the meantime, the slowing Russian economy prevents domestic businesses from importing goods and services. On the geopolitical front, the prospect of a ceasefire or end to Russia's invasion of Ukraine also supported Russian assets after President Putin met with US counterpart Trump to discuss potential terms. The EU's openness to an end to the war with Ukraine giving up territory also supported Russian assets.