Russia is scrambling to pull down the ruble, after its policy moves sent the currency soaring too high. A Moscow broker explains what's going on

The ruble crashed after Russian tanks entered Ukraine. The Central Bank of Russia increased interest rates in order to convince people to stay in the bank.

Russia is facing a different issue three months later. The ruble's rapid rise is threatening to become a burden for the country's budget and exports.

The Central Bank of Russia lowered interest rates last week to try and tame the ruble.

Analysts and economists don't agree with the narrative. The idea that the ruble is too strong is part of Kremlin PR, according to a strategist at BlueBay.

Russia is quickly relaxing many of the strict policies it put in place to boost the ruble.

Insider spoke to the chief investment strategist at ITI Capital in Moscow to find out what he thought.

Government spending is at risk due to strong ruble.

The ruble was too strong for the Russian government because it was threatening to the budget. As the Russian economy slows under the weight of sanctions, Moscow has increased its spending in order to fund its operations againstUkraine.

Russia's oil and gas exports now make up more than half of the country's tax revenue, as prices have surged and other industries have suffered due to sanctions.

He said that their dependence and sensitivity to oil prices have increased.

Energy sales are mostly priced in foreign currency. The government gets less money for its sales when the exchange rate is high.

The restrictions were almost all loosened.

What is the Kremlin doing? Most of Moscow's capital controls have been changed except for limits on using dollars.

The amount of foreign currency earnings that must be converted into rubles has been cut. The amount of money Russians can transfer out of the country has been increased.

The ruble has been weakened by a rumor that the government could restart an earlier policy for oil and gas revenues. Some of these foreign-currency revenues may go into Russia's wealth fund.

The ruble was up 2% Tuesday to trade at 63 to the dollar, but has fallen from 55 earlier this month. The 140 level was hit just after the invasion.

The currency is still controlled by the government.

The ruble is still controlled by the Russian government and central bank, with little in the way of foreign trading to speak of, according to a report.

Thanks to the influx of money from oil and gas sales, Moscow is able to control the currency.

The strategist said that the current account has been one of the best in its history because of the high oil price.

Analysts are saying the same thing. To really hurt Russia, you need to hit its current account surplus, which only an energy embargo does.