A recent analysis by Bloomberg assessed the effects of the Central Bank of Russia’s (CBR) rate cuts and subsequent hikes on the Russian ruble (RUB). The analysis suggests that approximately 18 pp of the ~25% weakening of the RUB between March and August can be attributed to robust growth in the US economy. Rate cuts by the CBR accounted for less than 12 pp, while better domestic growth provided a tailwind. The study concludes that if the CBR refrains from premature easing, the RUB could appreciate as much as 10% against the USD.