Recent social media commentary highlights the evolving landscape of Russian consumer behavior and travel, particularly concerning the ruble's utility amidst ongoing international sanctions. A tweet from user Teortaxes▶️ suggested that the ability to purchase domestic tours with rubles and exchange them for foreign currency for international travel demonstrates a nuanced impact of sanctions. "In Russia, I can buy a tour to Karelia for rubles. This doesn't harm (or assist) «Putin» much. I can also buy USD/EUR for said rubles, and go spend it in Spain or whatever, removing useful currency from circulation," the user stated.
The Russian ruble has experienced significant volatility since 2022, facing depreciation against major currencies like the U.S. dollar and euro. While it briefly slumped to multi-year lows, the Central Bank of Russia has actively intervened through measures such as raising interest rates to 21% and suspending foreign currency purchases to stabilize the currency. The government also extended capital controls until the end of 2024, requiring exporters to convert a significant portion of their foreign currency earnings into rubles, aiming to bolster the domestic market.
This economic environment has significantly boosted domestic tourism. In 2023, internal trips within Russia saw a substantial 20% increase, totaling 78 million domestic journeys. Government initiatives, including the "Tourism and Hospitality" program, have supported this growth with a 44% year-on-year increase in tourism infrastructure investment, reaching $6.8 billion in the first nine months of 2024. Regions like Karelia have benefited from this surge, offering destinations accessible with local currency.
Despite the focus on domestic travel, outbound tourism for Russians has also seen shifts. While direct flights and visa access to Western countries remain challenging, Russian travelers have increasingly turned to destinations in Asia, the Middle East, and some European nations. Countries like Turkey, Thailand, Mexico, Japan, and Kazakhstan have seen increased Russian visitors, and some European destinations like Spain, France, and Italy reported significant increases in bookings for 2025, facilitated by the stabilization of Schengen visa processes.
The ability to exchange rubles for foreign currency, as mentioned in the tweet, persists, though the market for such exchanges has been influenced by sanctions and capital controls. The Moscow Exchange, for instance, ceased trading U.S. dollars and euros, with the Chinese yuan becoming the primary foreign currency benchmark. These measures reflect an ongoing effort by Russian authorities to manage financial stability and adapt to the pressures of international sanctions, leading to a recalibration of both domestic and international travel patterns for Russian consumers.