Russian Rouble Strengthens After Putin's Decree

The Russian rouble has strengthened past 100 to the U.S. dollar, trading at 99.50 following President Vladimir Putin's decree allowing European gas buyers to convert currencies through non-sanctioned banks. This 1.5% increase against the dollar and 2.4% rise against the yuan comes after U.S. sanctions on Gazprombank led to a significant decline in the rouble's value. Analysts attribute the recovery to the resumption of foreign currency flows and the unblocking of previously stalled export revenues due to new payment methods. Finance Minister Anton Siluanov highlighted that resolving energy payment issues would stabilize the rouble further. The rouble is on track for its best week in four months, indicating a market adjustment to sanctions. As European buyers adapt to these changes, the rouble's strong performance may continue.