Swiss National Bank (SNB) policy: The SNB's monetary policy decisions, including interest rate adjustments and interventions in the foreign exchange market, significantly impact the CHF's value.

Russian Central Bank (CBR) policy: Similar to the SNB, the CBR's monetary policy, inflation targeting, and currency interventions affect the RUB's value.

Global risk sentiment: During times of global uncertainty or economic downturns, the CHF, being a safe-haven currency, tends to appreciate against riskier currencies like the RUB.

Commodity prices: Russia is a major exporter of commodities, particularly oil and gas. Fluctuations in these prices impact the RUB's value.

Geopolitical events: Political tensions or conflicts involving Switzerland or Russia can influence investor confidence and currency valuations.

Economic data releases: Economic indicators from both countries, such as GDP growth, inflation rates, and employment figures, can trigger currency movements.

Sanctions and trade restrictions: Sanctions imposed on Russia can weaken the RUB, while trade agreements involving Switzerland can strengthen the CHF.

Inflation differentials: The difference in inflation rates between Switzerland and Russia can impact the relative purchasing power of their currencies.

Interest rate differentials: The difference in interest rates between the two countries can attract or deter foreign investment, affecting currency values.

Capital flows: Inflows and outflows of capital into and out of Switzerland and Russia can influence currency demand and supply.