Russia economy · May 2026

The US has extended its sanctions waiver on Russian seaborne oil, a move that analysts say benefits India's energy imports. Bloomberg named the ruble the world's best-performing currency, strengthening to a three-year high against the dollar. The waiver extension and ruble strength come amid ongoing G7 finance talks on energy shocks and Russian oil sanctions. Russia and China highlighted investment cooperation as President Putin and President Xi discussed the Siberian Power 2 pipeline during a summit in China. Russia doubled rail freight rates to Estonia, Latvia, and Finland, while Deutsche Bank was fined by the UK for breaching Russia sanctions. Russia's Moscow oil refinery halted output after a drone attack on May 17, sources said, as Sberbank connected to African mobile payment service M-Pesa. Bulgaria proposed new controls over Lukoil's manager after a sanctions dispute, and President Zelensky said Putin is leading Russia toward bankruptcy.