ForEx was supportive here as well, with the Russian ruble and U.K. sterling appreciation on sales outweighing the net negative impact of the U.S. dollar appreciation on costs.

Source: https://seekingalpha.com/article/4584603-ontex-group-nv-onxxf-q4-2022-earnings-call-transcript?source=feed_all_articles

Harberger, for example, was particularly concerned about the exchange rate between the ruble and other currencies.

Source: https://spectator.org/when-putin-got-into-reaganomics/

Moscow took sharp action on Friday to curb inflation, fearing the effects of ever higher spending on the war in Ukraine and of a weakening Russian ruble.

Source: https://www.nytimes.com/2023/07/21/world/europe/russia-interest-rate-inflation.html

Prices for Russian Urals grade crude are rallying beyond an internationally agreed price cap of $60 per barrel, but the ruble spiked to more than 102 to the dollar on Tuesday.

Source: https://www.politico.eu/article/russia-central-bank-economy-schedules-unexpected-rate-meeting-to-curb-ruble-slide/?utm_source=RSS_Feed&utm_medium=RSS&utm_campaign=RSS_Syndication

Putin's latest move to support the ruble came days after the Russian currency dipped below the symbolic threshold of 100 to the US dollar.

Source: https://www.express.co.uk/news/world/1824319/vladimir-putin-ruble-value-war-ukraine

So ruble can't be that big, right?

Source: https://seekingalpha.com/article/4595346-philip-morris-international-inc-pm-q1-2023-earnings-call-transcript?source=feed_all_articles

The ruble recovered slightly after the central bank's announcement.

Source: https://abcnews.go.com/International/wireStory/russias-currency-hits-lowest-level-beginning-war-ukraine-102248097

When it comes to remittances, the report noted that they have “also increased on sustained labor demand in Russia and a stronger ruble.”

Source: https://thediplomat.com/2023/05/war-and-migration-central-asian-migrant-worker-flows-amid-the-ukraine-conflict/

When it comes to the pressure on the ruble, Russia, one of the world's biggest oil suppliers, is earning less from selling its oil because of Western sanctions.

Source: https://qz.com/russia-earns-less-from-oil-and-spends-more-on-war-so-f-1850787925