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Russia’s Currency Crisis Deepens—Euro Approaches ₽100 as Oil Prices Drop and Sanctions Bite
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![Photo of Roman Kohanets]( "Photo of Roman Kohanets")
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The Russian ruble fell sharply on September 10, with the euro exchange rate climbing close to ₽100 for the first time since February, The Moscow Times reported. The decline follows a brief period of relative stability and highlights mounting pressures from global energy markets and domestic fiscal spending.
By midday trading, the euro reached ₽99.8 and the US dollar rose to ₽92.3 on the Moscow Exchange. Analysts linked the weakening to lower oil prices, reduced foreign currency inflows, and persistent sanctions that continue to restrict Russia’s access to international markets.
“The inflow of foreign currency from exports remains limited due to low oil prices, as well as sanctions on Russian commodity supplies and the geopolitical discount applied to their value. On the other hand, demand for foreign currency may increase, mainly from imports,” explained BCS analyst Dmitry Babin in comments to The Moscow Times.
The Central Bank of Russia has not introduced new interventions but stated it is monitoring market conditions closely. In August, the regulator temporarily suspended foreign-currency purchases to curb volatility, though experts caution that such measures can only provide temporary relief without stronger export earnings.
The ruble had modestly strengthened earlier in 2025, supported by high energy revenues and seasonal tax payments. However, the latest fall underscores the structural weaknesses of Russia’s economy, where heavy reliance on oil and gas exports leaves the currency vulnerable to external shocks.
Earlier, it was reported that Russia’s economic crisis deepens, with nearly a third of companies operating at a loss in the first half of 2025, undermining tax revenue, investment, and increasing debt burdens.
