In addition, the Russian government has taken some other steps inside the country to keep the ruble stable. Many foreign investors have bought corporate shares and government bonds in Russia.
It is natural for them to want to sell them after the Western sanctions. But the Putin government has taken steps to prevent them from doing so. As a result, on the one hand, the fall of the Russian stock and bond markets has been prevented, on the other hand, the currency has not been able to move out of the country. All this has prevented the ruble from falling.
Russia’s central bank has doubled interest rates since the end of February. Incentives have been announced for those who do not buy dollars or euros by selling rubles, i.e. save rubles.
Many Russian companies are earning dollars, euros and yen by doing business with foreign companies. But now Russian companies have to convert 70 percent of their earnings from doing business into rubles. This has created a huge demand for the Russian currency, the ruble.