I don’t get why the ruble is back to its pre-war level. I don’t necessarily think it matters but I’m just confused because presumably a lot of foreign buyers of Russian goods and services who would bid up the ruble’s price are now cut off.
ELI5 please
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Europe is still paying massive amounts of euros to Russia for gas and oil, so the Russian central bank can use those euros to help the exchange rate.
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That makes sense but I guess it seems like a risky bet - like if the ruble needs constant upward pressure from the central bank, the moment they falter on that (or have to use those rubles to buy foreign stuff) they'll get caught holding the bag