On Friday, the Russian ruble fell to its lowest level against the dollar and the euro since April 2022, crossing the barrier of 90 rubles against the euro, amid a foreign currency crisis and the sale of Western companies in Russia.

The ruble fell 1.1% against the dollar to 82.28 by 0930 Moscow time, and fell 1% to 90.06 against the euro.

Dealers said the ruble was under pressure due to a range of problems, including the sale of Western assets to local investors, which led to an increase in demand for the dollar, while the decline in oil prices in March led to a decline in export revenues.

The ruble recorded the third worst performance of a currency around the world since the beginning of the year until now.

Despite this, traders said that the recent rise in oil prices, after falling in March, is likely to support the Russian currency in the coming weeks.

Oil prices, the lifeblood of the Russian economy, fell in late March, but after banking unrest in the West and the decision of OPEC + countries to voluntarily cut production, prices have rebounded in recent days, with the two benchmarks rising more than six percent this week.

Asked about the ruble‘s decline, Finance Minister Anton Siluanov said Thursday, “Our energy prices have now risen and this is an indication that there will be more foreign currency coming into the country. Thus, this will lead to the ruble’s exchange rate going up.”