Importance This article considers the relationships between the Brent crude oil price and the Russian ruble/dollar rate. Objectives The article aims to empirically check the statements on loosening the dependence of the ruble on the price of Brent crude oil, using Russian data for the period from 16 June, 2014 to 27 November, 2017 (181 weekly values). Methods The study uses econometric tools, which include tests for changes in the data structure, unit root, weak exogeneity, and a model of correction of equilibrium errors. Results The article presents the results of the analysis of structural changes corresponding to the three regimes of the ruble exchange rate and Brent oil price. Conclusions Various rate formation factors, such as low inflation and high key interest rate of the Bank of Russia, have stimulated the influx of foreign investments. The demand for rubles to purchase Russian assets, primarily government bonds, is rising, and the ruble exchange rate is rising as well. As a result, the ruble exchange rate loses its cointegration with Brent crude oil price.
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