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to Russia, which was partially related to the ruble appreciation (as of the end of 2025, the ruble
went up by 11% against the US
4888
27.02.2026
billion. As the key rate was gradually declining, investors were increasingly purchasing ruble bonds, choosing predominantly corporate bonds. The share of debt assets in the
RATE
The ruble exchange rate against the main currencies had been fluctuating within broadly stable
ranges since May 2025. In January 2026, the ruble appreciated