How the Russian ruble is defying sanctions
India Today
How did the Russians manage to revive their currency so fast despite the wall of sanctions? Here is how the ruble is defying sanctions.
The Russian currency, the ruble, is roaring back to pre-war levels even as sanctions are piling up. The currency strengthened and reached about 77 rubles to the US dollar during Friday trading on the Moscow Exchange. But how did the Russians manage to revive their currency so fast despite the wall of sanctions?
The Russia-Ukraine conflict ignited an economic war as well. After the Russian invasion of Ukraine, the US-led North Atlantic Treaty Organization (NATO) slapped nearly 4,000 economic sanctions against Russia — from blocking international transactions of big banks to blacklisting nearly 300 Russian companies along with 500 institutions, and more than 3000 individuals so far.
“We are going to wage a total economic and financial war on Russia,” French Finance Minister Bruno Le Maire said on March 2. “We are going to cause the collapse of the Russian economy.”
The Fall and Rise of the Russian Ruble
The ruble slipped to historic lows after Russia attacked Ukraine on February 24. Then, as an impact of multiple sanctions, the Russian currency further dropped. A single US dollar was equivalent to 139 rubles as of March 7.
After hitting the lowest level, the ruble bounced back by March-end. The currency showed a sharp and sustained recovery, and the ruble became one of the world's top-performing currencies in the last few days.
Return Of The Ruble
