The Russian currency fell to its lowest level in a year on Friday, ending the day at 81 rubles to the dollar and 88.9 to the euro, as Moscow’s foreign exchange earnings fell amid sanctions, AFP reported.

Russia has insisted throughout the year that it has withstood punitive measures imposed by the West in response to the attack on Ukraine, citing evidence of the resistance of the ruble, which has appreciated significantly over the summer and fall since the collapse of the offensive, especially boosted by a strong rise in oil prices.

But after a year of sanctions and with Europe largely cut off from Russian gas and curbs on the price of Russian oil, the outlook for the Russian economy is bleaker, with Vladimir Putin himself saying last week that he expected “negative” consequences.

Russian Finance Minister Anton Siluanov tried to reassure Russians that the ruble was moving in line with the market and that it was expected to strengthen as Russian oil prices rose.

“This is a signal that more currencies will enter the country. Therefore, this will lead to a tendency for the ruble to strengthen,” he predicted this week.

Since Vladimir Putin’s army entered Ukraine a year ago, the ruble’s price has been extremely volatile, reaching record highs and lows at different times.

Russia has imposed strict currency restrictions in the country to protect its currency and force Western buyers of Russian gas to pay in rubles.

“In the long run, this volatility of the ruble weakens its role for payments and savings: economic actors will face increased costs and delay their investments,” said The Bell, an independent Russian business newspaper that the authorities classify as a “foreign agent.”

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