Main reason is that imports into Russia were banned long before Russian exports were. The West does not depend on income from anything they export to Russia. R

Main reason is that imports into Russia were banned long before Russian exports were. The West does not depend on income from anything they export to Russia. Russian economy is small and poor, they don't buy much of anything and no one is going to go out of business, no country would suffer significant economic consequences even if all exports to Russia are banned outright, and this is more or less what happened. Russian exports are another story, some nations by their stupidity (and well-targeted bribes), got too dependent on Russian energy. It takes more effort and time to ban them. And now we're in a place where imports into Russia are banned and exports, not so much, resulting in logical appreciation of Russian currency due to simple law of supply and demand. It doesn't mean they are happy. Money is of little use if you can't buy much with them. USD in Russia is almost like a Soviet rouble now: feels nice in the pocket, but most things you'd want to buy with it, are no longer on stores' shelves. Appreciation of currency serves an additional purpose of driving Russian non-raw-material exporters out of business making then uncompetitive because their rouble costs translate into too many dollars now.