MOSCOW: The rouble firmed to a more than one-month high versus the dollar on Monday, helped by soaring prices for oil and optimism over the post-COVID economic recovery as a threat of Russia-specific sanctions eased.

The rouble has largely shrugged off sanctions risk linked to the imprisonment of Kremlin critic Alexei Navalny, which led to nationwide protests, but the threat remains, with ties between Russia and the West, already at post-Cold War lows, coming under renewed pressure.

By 1237 GMT, the rouble was 0.6% stronger against the dollar at 73.24, hovering at levels seen before Navalny's return to Russia last month. It briefly hit 73.1250, its strongest mark since Jan. 14.

The rouble had gained 0.5% to trade at 88.87 versus the euro , earlier touching a more than two-month high of 88.8000.

Brent crude oil, a global benchmark for Russia's main export, was up 1.4% at $63.31 a barrel, a more than one-year high.

On Monday, positive external factors and growth in oil will probably allow the rouble to firm towards 73 versus the dollar or stronger, said Dmitry Polevoy, head of investment at Locko-Invest.

Many financial markets in Asia remained closed on Monday for Lunar New Year, with the United States also out for Presidents Day.

The central bank on Monday said it had sold 50 billion roubles ($682.1 million) at a one-month repo auction, after cancelling an earlier one-year auction due to there only being one bidder.

Repo, or repurchase agreement, auctions are designed to increase banks' capacity to manage their liquidity. The central bank kept its key rate at a record low 4.25% on Friday, but said it would not cut rates further.

Russian stock indexes pushed higher.

The dollar-denominated RTS index was up 2.1% to 1,492.4 points. The rouble-based MOEX Russian index was 1.3% higher at 3,469.9 points. Both indexes hit their highest marks since Jan. 21.

Russian low-priced retailer Fix Price on Monday said it was considering an initial public offering in London and Moscow.