Rising global energy prices boosted Russia's export revenues and supported the appreciation of the ruble in March-May 2026, according to the summary of the Bank of Russia's key rate discussion. Rising global energy prices increased export revenues and supported ruble appreciation in March-May. According to the Central Bank, the ruble has corrected since the June meeting to its late April 2026 levels. Discussion participants attributed the ruble's recent weakening primarily to a notable decline in prices for key Russian export commodities since mid-May. Against this backdrop, the Bank of Russia's key rate cut is leading to a more pronounced narrowing of the interest rate differential between Russia and other countries.