The ruble and Russian shares opened stronger on Monday, tracking a rise in the price of oil, Russia's main export and a major driver behind the currency's performance.
At 0725 GMT, the ruble was 0.2 percent stronger against the dollar at 56.50 and up 0.3 percent to 62.00 versus the euro.
Brent oil futures climbed more than 3 percent on Monday, to 56.75 per barrel, after Saudi Arabia raised prices for crude sales to Asia for a second month.
"This is a positive development for the oil market. The biggest supplier is not only announcing the return of demand, but also confirming this with an increase in prices," Stanislav Kleshchev, head of the analysis department at VTB24, said in a note.
Russian stocks were also stronger on Monday, boosted by the oil price gain. The dollar-based RTS index was up 1.6 percent to 945, while the ruble-based MICEX was up 0.9 percent to 1,696.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.