The ruble may have lost value against the dollar in recent weeks, But the dollar has been very strong with these interest rate hikes, and measured from several months ago the ruble was very strong . So as usual, the commentary depends mightily upon where you commence your measurements. A weak ruble probably benefits Russia, and if Putin wants to sell oil, he can sell it in dollars.
The dollar was strengthening until about 6 months ago. Since then it has declined 10% versus the Euro. The net effect, since February 24, 2022, is that the dollar is about 2% stronger since the start of the war.
—”A weak ruble probably benefits Russia, and if Putin wants to sell oil, he can sell it in dollars.”
Long ago I heard Milton Friedman answer this question in the blink of an eye.
He said if that were true, ‘The highest inflation countries; would be the leading exporters’.
The students found that humorous.