The ruble experienced a 10.5% appreciation against the US dollar in February, driven by expectations of easing geopolitical tensions and increased net sales of foreign currency by exporters.
The geopolitical climate also contributed to an 8.6% rise in the Russian stock market, as reflected in the MOEX Russia Index's performance. In addition, corporate bond and OFZ yields mostly decreased, with spreads between bonds of different rating groups narrowing.
Ruble-denominated instruments showed the highest monthly yields, particularly in shares from sectors most affected by sanctions.
Further information can be found in the latest Financial Market Risks Review.