On the foreign exchange market, the ruble rose on Thursday despite a new package of sanctions planned by the European Union, continuing the course recovery of the past few weeks.

In the morning, 79 rubles were paid for one US dollar.

The exchange rate is roughly at the level it last had at 78 rubles immediately before the outbreak of the Ukraine war.

Analysts point to the high key interest rate of the Russian central bank, strict capital controls and surpluses in the trade balance due to the still possible energy exports as reasons for the recovery of the Russian currency.

After the start of the Ukraine war on February 24, the exchange rate of the ruble plummeted, and at times up to 177 rubles were paid for one dollar.

In the past few weeks, however, the price has recovered quickly.

With the sanctions imposed by western industrialized countries on the Russian central bank, the ruble is no longer considered a freely tradable currency.

However, on the foreign exchange market, the Russian currency is traded with restrictions, which allows for a ruble exchange rate.

US Treasury Secretary Janet Yellen does not see the ruble's recovery as a sign that the Russian economy is coping with the sanctions imposed by the US and its allies.

Actions by the Russian government and central bank to limit capital outflows distorted the ruble market.

Commerzbank's foreign exchange expert Tatha Ghose sees one reason for the ruble's recovery in the high interest rates in Russia.

The country's central bank doubled the key interest rate to 20 percent at the end of February.

In addition, the Commerzbank expert referred to strict capital controls.

The central bank has limited foreign exchange exports.

Also, sanctioned oligarchs and corporations cannot transfer money from Russia to foreign bank accounts.

Analysts also point to the Russian trade balance as the cause of the ruble's recovery.

"The trade balance should improve after the sanctions," said Commerzbank expert Ghose.

Because while the export of Russian energy such as oil or gas is still possible, the import of Western goods has been severely restricted by the sanctions.

On the other hand, US Treasury Secretary Janet Yellen does not see the ruble's recovery as a sign that the Russian economy is coping with the sanctions imposed by the US and its allies.

Actions by the Russian government and central bank to limit capital outflows distorted the ruble market.