The ruble just delivered a surprise performance in 2025—it's been the strongest major currency against the dollar so far this year. This unexpected rally has left central banks scrambling, and here's the thing: it's creating real headwinds for Russia's wartime economy. When your currency appreciates that fast, it makes exports pricier and cuts into competitiveness at a critical moment. The policy makers weren't exactly planning for this kind of strength. It's a textbook case of how currency movements can work against you, even when they look bullish on the surface. Worth watching if you're tracking macro trends and how geopolitical shifts ripple through financial markets.