Strong ruble could hurt Russian businesses, official warns

MOSCOW (AP) — As the ruble strengthens to levels not seen in seven years, Russia’s minister of economic development warns that the country’s businesses could suffer if the trend persists. The ruble hit all-time lows in the first weeks after Russia sent troops into Ukraine in late February, dropping as much as 50%, to 150 against the U.S. dollar. It then began recovering and this month has reached its highest exchange rate since May 2015. The Russian Central Bank’s official exchange rate Wednesday was 52.9 to the dollar. Although the rate is seen by some as a sign that Russia is weathering Western sanctions, the strong ruble makes Russian exports more expensive.