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Most countries choose to have two out of three things for a currency (having all three is impossible):

1. Control over the value 2. Control over inflation 3. Free trade

Russia has chosen to just go for one of the trifecta, and have lost all trade and has skyrocketing inflation - but manages to keep the ruble trading high for propaganda purposes as it's seen as the "quick way to measure" an economy.

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This contradicts what Ive heard from inside the country which is that inflation spiked sharply to ~40% and then prices came down (now 15% up on prewar levels).

So, inflation is a bit higher than in the west but it is not runaway for us or them...yet.

It appears more as if this is due to the balance of payments. Imports are down due to sanctions while exports of gas/oil by value are up. Hence higher ruble.

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