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Russia Pulls The Plug - Joe Blogs
Russia’s ruble has been one of the strongest currencies in the world — but not for the reasons you might think.
Behind the scenes, the Russian government has been actively supporting the currency by selling foreign exchange reserves and forcing demand for rubles.
Now, that is changing.
With oil revenues falling sharply and the budget deficit widening, Russia is planning to divert more money into its National Wealth Fund — reducing the amount of foreign currency being sold into the market.
This could remove a key pillar of support for the ruble.
In this video, I explain:
Why the ruble has been so strong
Why that strength is actually hurting the economy
How Russia’s budget rule works
What the National Wealth Fund change means
And why the ruble looks set to fall sharply in 2026