ruble Bank Rossiya
The Russian ruble has jumped around 18% in 2015 Reuters

Russian President Vladimir Putin has become increasingly upbeat about the state of the Russian economy, despite widespread expectations that it will fall into recession this year.

Much of this optimism has been centred on the rising value of the ruble currency, which has gained around 18% in 2015.

The currency lost around 40% of its value last year after a dramatic fall in oil prices and has rebounded this year, against expectations, on the back of a small surge in oil prices and a period of relative calm in eastern Ukraine.

While Putin has been eager to deploy the rise as a sign that Russia's economy is robust enough to withstand falling oil prices and sanctions imposed by the United States and the European Union, the ruble rebound has had some detrimental effects on Russia's already-wobbling economy.

Business conditions in the country worsened in April as a result of the exchange rate change, according to MNI Indicators, which surveyed a panel of large Russian businesses.

The higher ruble has also reduced revenues from oil exports, which are sold in US dollars, which are then converted into rubles.

Meanwhile, Russian Finance Minister Anton Siluanov has said the ruble is too strong and analysts have predicted Russia's Central Bank could be preparing an interest rate cut from its current 17%.

Siluanov sounded the alarm after the Finance Ministry sold out its debt auctions, as investors "snapping up our bonds like hot pies," as quoted by Interfax news agency. Investors have sought the high-yielding Russian bonds, driving the currency higher, to a level that Siluanov is not comfortable with.