Russia Tightens Capital Controls to Prop Up Ruble as War Strains Economy

Russia reimposes some capital controls to prop up the ruble as war costs weigh on economy

Controls require exporters to convert foreign revenues into rubles, similar to measures from early 2022

Ruble gained 3.4% against dollar after controls announced, strongest level in over 2 weeks

Russia's defense spending has ballooned, forecast to hit $100 billion in 2023

Russia's budget deficit has soared since the war began, reaching $17 billion in first 9 months of 2022