With the ruble surging to new 2015 highs, a better-than-expected earnings report and a brief rally in the price of oil, analysts have been contemplating whether the Russian economy has turned a corner.
Benoit Anne, the head of emerging market strategy at Societe Generale said he was bullish on the Russian currency which gained around 1.7 percent against the dollar on Thursday before easing back lower on Friday morning.
"The ruble, I really like it. It's actually trading on its own planet which, by the way, is a good thing these days," Anne told CNBC Thursday.
"The short term dynamics are much better, volatility is much lower. And it's a behaved currency these days and the oil price up, that's a good thing for the ruble."
Pierre Andurand, the managing partner and chief information officer of fund management firm Andurand Capital, predicts that oil prices will rise this year and told CNBC Thursday that this would benefit a Russia which doesn't have "too much debt" and companies that are performing well.