- The ruble shot up this past week, adding to big gains since the start of the year, as President Donald Trump pushes for talks to end Russia’s war on Ukraine.
The ruble has been rallying sharply on signs that President Donald Trump is seeking a quick end to Russia’s three-year war on Ukraine.
On Friday, it jumped 3.7% to 90.50 against the US dollar after climbing 2.6% on Thursday. That came on news Wednesday that Trump had a lengthy call with Russian President Vladimir Putin, after which Trump said negotiations on the Ukraine war would start immediately.
Also on Wednesday, the ruble surged 3% after Russia released American teacher Marc Fogel, who was arrested in 2021. The moves added to previous gains that have lifted the ruble 20% since the start of the year, reversing an earlier crash toward the end of 2024.
Investors have been expecting improved US-Russia ties under Trump, who has been skeptical about the amount of military aid for Ukraine and critical of NATO allies.
Over the weekend, reports said Trump is sending top national security officials to Saudi Arabia for talks with Russian counterparts.
An end to the war could result in the lifting of sanctions on Moscow, which has largely been shut out of the global financial system and has seen its currency reserves frozen. An easing of sanctions could also boost its oil and gas exports while also allowing more imports, smoothing bottlenecks in a Russian economy that’s been straining under limited availabilities of Western technology.
Meanwhile, European officials expressed concern that negotiations are barreling ahead, potentially leaving them sidelined, though the White House said Trump has been in contact with European leaders.
But when describing his discussions with Trump about US plans for ending the war, Ukrainian President Volodymyr Zelensky said there was no mention that America needs Europe at that table.
“That says a lot,” Zelensky said at the Munich Security Conference. “The old days are over—when America supported Europe just because it always had.”
He also warned Russia is preparing to “wage war” against NATO if Trump weakens US support for the alliance.
The comment echoed concerns that less US support for Ukraine might encourage Putin to put NATO on the spot about its willingness to defend the alliance.
“If Putin continues, there will be a NATO test,” Estonian Foreign Minister Margus Tsahkna told Bloomberg.