I did say and meant that the idea (mirage) of the Ruble being stable is collapsing. The stability as Jake points out, was Putin propping up the Ruble with the hard currency he's been hoarding for the past few years. At some point the mirage will bust completely when he runs out which is inevitable.
That would be true were the Ruble to be freely exchanged. It is not. I made another post on that today. In short the notion that there is an FX market on the Ruble is not really true, since the only buyers are foreign trade partners buying things from Russia with contractual FX rates.
This fictional crisis has been disproven many times. It assumes a free market.
Anybody who's actually operated in FX markets understands non-convertible currencies such as the Ruble. If there are almost no buyers other than contractual ones there is no market. FWIW, since early 2022 Russian ATM's no longer dispense foreign currency as they once did. Foreigners can buy Rubles but cannot sell them. That, by definition, shows there is NO market.
Once again, Russia buys what it needs or wants mostly with barter, but also has hard currency coming through the export of fossil fuel products, those by contractural rates, nit market ones.
Just for context much global trade with many countries is negotiated with specific assigned values, not open market rates. That is true especially for major items such as aircraft and military equipment. Project finance for infrastructure quite normally is conducted with specified terms. For countries with easily convertible currencies that is often done with hedging, for others it is done by balancing assets and liabilities rather than direct hedging.
Tesla and Apple are two that tend to use asset and liability management rather than technical hedging, so both have large quarterly fluctuations that reflect the imbalances. Why? Because over years it is very, very expensive to do true hedging.
So Russia, possessed of one of the world's most talented Central Bank Presidents (several of us have repeatedly mentioned her) is using those traditional barter techniques. The most common generic instruments are called 'factoring' and 'forfait' finance but there are many different solutions. For many years (i.e. more than 200 of them) Germanic, Italian and Syrian groups dominated this business. Some of the ones that originated then are still around and some are now giants ( Names like Safra, UBS, NCB, Deutsche and others did this long, long ago). Russia has always loomed large in those markets because they've always needed more imports than they had in foreign currency.
I apologize if this is long winded and seems irrelevant. The point is simply that Russia can and does get the foreign goods it wants, usually legally. When the Aeroflot A330's begin to get maintenance in Iran is when the system is under threat, but even that is less than meets th eye because Dubai sources always supply what Iran needs. (Dubai, before oil, was the major entrepôt for Iran and India, although Kuwait rivaled them for parts of Iran. Russia, as we should know, has been a major player in that trade during and after Imperial times.
(note: I'm old, I was once a banker in and for several of the mentioned countries doing trade finance.)