It is a range trading but at moment it looks as if the upside will be tested again. Fundamentally the Russian economy is stabilizing within the sanctions but there are a lot of clouds above it. The banking system is facing a crisis with some banks being bailed out by the central bank lasting on the budget and there future is not clear yet. The economic growth is structurally weak. It is almost due to the MIK and partially the agriculture. Agriculture is vulnerable (so are the the incomes from the oil and gas business). And the production of weapons for the modernisation of the own army is unproductive and also weighs on the budget but will not contribute to it in the future except of the growing export. Still a hugh portion of te GDP is transfered to abroad. I think that the government is working on the improvement and the president is constantly changing the personnel. I suppose that the next figure to be changed iwill be the prime minister. This may be fruitful in the future bt at moment it brings uncertainty so that a declining rouble my be possible at least for a while.
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It is moving verx slow. I am closing the deal for further watching it.