MOSCOW–The Russian ruble is well protected from Ukraine-related sanctions, the first deputy chairwoman of Russia’s central bank said Wednesday.

“We’re studying closely the way the sanctions work. It turned out that the ruble is the most protected currency in terms of protection from sanctions,” Ksenia Yudaeva said.

Brussels and Washington have imposed sanctions against Russian officials and businessmen in a move to punish Russia for its annexation of Ukraine’s Crimea region. The sanctions also targeted Bank Rossiya, which the U.S. Treasury Department said is the personal lender of senior Russian officials.

The ruble and Russian stocks came under heavy selling pressure in early March after the West threatened to impose sanctions against Moscow. The market panic has faded since then after the imposed sanctions appeared milder than expected. On Wednesday, the ruble firmed by 0.3% to 35.45 against the dollar, heading away from its weakest ever level of 37 which it touched on March 3.

Speaking at a panel discussion on ways to revive economic growth, Ms. Yudaeva reiterated that the Bank of Russia is still planning to switch to an inflation targeting policy but will reserve the right to intervene on the currency market to ensure financial stability.