The Ruble is the World's Best-Performing Currency, According to a Political Scientist

According to Russian political scientist Ilya Matveev, the currency's rebound isn't a sign of a strong economy, nor does it indicate that sanctions aren't working against Russia.

"The strong ruble is a bad indicator of Russian economic performance in general because it only reflects the fact that imports have fallen so sharply that importers simply do not need as much foreign currency because they can't import goods from...Western countries," Matveev told All Things Considered.

He stated that the impact of wartime sanctions has devastated Russia's economy, and long-term prospects for Moscow are bleak due to Western businesses ceasing operations, soaring inflation, and the heavy toll on locals. A soaring currency, he claims, is not a good indicator of the broader economy because it is more related to trade prospects deteriorating during the war.

"So the strong ruble only reflects the fact that there is no use for foreign currency in Russia right now," Matveev said. "And this is, of course, a very bad thing for the economy."

Meanwhile, according to reports, Russia experienced its first foreign debt default in more than a century on Sunday. According to the Wall Street Journal, the country missed a deadline to pay $100 million in interest on two foreign currency bonds denominated in dollars and euros.