In a remarkable turn of events, Russia’s ruble has emerged as the world’s best-performing currency in 2025, surging 38% against the U.S. dollar, thereby outpacing even gold—that traditional safe haven. According to a Bloomberg news report, this notable development, driven by Russia’s high interest rates and capital controls, unfolds against the backdrop of American President Donald Trump’s escalating tariff wars, which have destabilized the dollar and thus exposed the fragility of its global dominance. For the BRICS nations—Brazil, Russia, India, China, South Africa, and their expanding partners—this development is not merely monetary but has geopolitical repercussions, as a call to accelerate the dismantling of the dollar-centric financial order.

The ruble’s surge is also a testament to Russia’s resilience in the face of severe Western sanctions. Far from crippling Moscow, these measures have rather spurred innovative financial strategies, including trade in national currencies and the use of yuan-denominated loans to refinance costly ruble debt. As Bloomberg notes, Russian companies’ conversions of foreign currency into rubles have further bolstered the currency’s strength.

Moreover, capital controls, such as requiring exporters to sell 80% of their foreign currency earnings, have significantly propped up the ruble, while high interest rates at 21%—a response to inflation spikes—have attracted investors despite domestic economic strain.

This Russian economic maneuvering aligns well with broader BRICS ambition, particularly in the Global South, to forge a multipolar financial........

© Blitz