Despite ongoing wartime turbulence, the Russian ruble has outperformed all global currencies, becoming the best-performing currency against the US dollar in 2025. According to Bloomberg data, the ruble has appreciated by 38% since the start of the year. This surge is largely attributed to declining confidence in the US dollar, exacerbated by former President Trump’s global trade conflicts. Investment returns on the ruble have surpassed those of the Swedish krona and Swiss franc, which appreciated by 13% and 11% respectively. The British pound also recorded a modest gain of around 6%. Meanwhile, gold and silver prices have risen by 23% and 12%, respectively. The ruble’s remarkable performance has been bolstered by Russia’s high interest rates—currently set at 21% by the central bank—and restrictions on capital outflow for foreign companies.