Russia's ruble firms on Iran-war oil revenue, becoming one of the year's best-performing currencies

Higher oil and gas prices following the disruption of Persian Gulf energy exports have lifted Russia's foreign-currency revenue and supported the ruble. The dollar traded at about 77.6 rubles on 17 July 2026, and the ruble has become one of the world's best-performing currencies against the dollar in 2026.

Moscow channels part of the extra energy revenue into buying gold and foreign currency under its fiscal rule, preventing the ruble from strengthening too much. Russia has been one of the main winners from the redirection of global energy flows during the Iran war, as major buyers turned to Russian oil to replace lost regional supply.