One of the main surprises of the Russian economy in 2025 was the sharp strengthening of the ruble, which caused many problems for both Russian exporters and the budget. The ruble exchange rate against the dollar strengthened by 25%, falling to 80 rubles, while market participants expected to see it above the benchmark 100 rubles by the end of the year.

One of the main surprises of the Russian economy in 2025 was the sharp strengthening of the rouble, which caused significant difficulties for both Russian exporters and the state budget. The rouble appreciated by 25% against the US dollar, rising to around 80 roubles per dollar, while market participants had expected it to be above the 100-rouble benchmark by the end of the year.