The fact that the ruble is as strong as it was seven years ago says nothing about the performance of the Russian economy – even if Vladimir Putin would like it to be.
According to the President, the value of the national currency shows that the West's sanctions are missing their target.
The strong ruble is primarily the result of a massive collapse in imports and an enormous budget surplus, and is already making life difficult for exporters.
Russia's central bank may have managed to stem the ruble's fall after the attack on Ukraine, but it now lacks the means to bring its value back to levels that are acceptable for industry;
this is also a consequence of the sanctions.
Contrary to what many believe, even in the West, the punitive measures are already having an impact on the Russian economy.
So far, this has been reflected in rather small reports: More and more Russians are having to take out microcredits in order to adjust their salaries to inflation.
On the other hand, most people in the country are not feeling the effects of the strong ruble and high commodity prices.