The exchange rate of the US dollar against the Russian ruble has crossed the RUB100 mark for the first time since March 23, 2022.

This marks another significant milestone for the country’s currency, which has faced significant devaluation since Russia’s full-scale invasion of Ukraine and the subsequent sanctions imposed on Moscow by the West.

The RUB100 figure marks an almost halving in value for the Russian currency, which sat at RUB52.5/$1 in June 2022 following the Central Bank of Russia’s (CBR) increased capital controls.

In a press release, the CBR noted that while it doesn't see any immediate risks to financial stability, it acknowledges the challenges posed by shrinking export values and expanding imports. This could potentially necessitate further tightening of the key interest rate to curb inflation and stabilise the ruble, with the CBR hinting at the potential for rate hikes in upcoming sessions.

In an op-ed for TASS, Putin's economic adviser Maxim Oreshkin blamed the CBR for the currency’s slump, citing what he called “soft monetary policy” and stating that the Kremlin wants a strong ruble.

"The central bank has all the tools to normalise the situation in the near future and ensure that lending rates,” he wrote. "A weak ruble complicates the economy's structural transformation and negatively affects the population's real incomes… it is in the interests of the Russian economy to have a strong ruble."