(Reuters) – The Russian rouble lost support against the dollar on Wednesday, but it remained at a record five-year high in comparison to the euro. This was after the loss of capital controls support and the emergence of sovereign default risks.

Despite a severe economic crisis in the country, this year’s top-performing currency has been the rouble. This is despite artificially supporting controls Russia implemented late February to protect its financial sector following it sending tens and thousands of troops into Ukraine.

The rouble fell 0.5% against the dollar at USD 63.90 on 0741 GMT. This was further from its Friday high of 62.6250, which it reached in February 2020.

It gained 0.2% to trade near the highest level of 64.9425 since mid-2017, when it was at its lowest.

Since Monday’s increase in the threshold for cross-border transfers by the central bank, the rouble lost some of its gains. Russian citizens and residents from friend states can now channel foreign currency overseas at a monthly equivalent to as much as $50,000. Previous limit: $10,000

Companies that are export-oriented must convert at least 80% of their revenue, as the central bank can’t intervene in the West after it has frozen about half its foreign and gold reserves.

Promsvyazbank analysts stated that they expect the rouble will consolidate between 63 and 64.5 against greenback on Wednesday.

After a U.S. official stated that Washington might block Russia from paying its bondholders in the United States, a Finance Minister Anton Siluanov will receive all attention at Wednesday’s forum. This comes after another U.S. administration representative said Washington may be considering blocking Russia’s ability pay their bonds holders. This could bring Moscow closer to default.

Russian stock exchanges rose.

RTS, a dollar-denominated index, was at 1,216.6 point an increase of 1.3%. This is its best performance since Feb. 23, 2003. At 2,466.2 points, the MOEX Russian index, which is based on roubles was 1.7% more.

According to Veles Capital analysts, Wednesday will be a focus for dividend stories. MTS, a mobile operator that offers mobile services in Russia, saw shares jump around 20% following Tuesday’s recommendation by its board for a dividend at 33.85 Rubles ($0.5314) per share.

($1 = 63.7000 roubles)