Source: Chris Menahan
The West’s extensive sanctions against Russia only managed to keep their currency down for a few weeks.
From The Washington Post, “Despite Western sanctions, Russian ruble and banks are recovering”:
Russia’s ruble and banking system are showing continued signs of recovery from the initial punch of sanctions, as Moscow relies on energy exports and currency controls to partly protect the nation’s economy.
After initially plummeting, the ruble has rebounded and is edging closer to the value it held before the war began, according to the official exchange rate. And the banking system is gradually stabilizing as panicked customer withdrawals subside, economists say.
Some of the recovery is artificial, made possible by strict limits that the central bank, the Bank of Russia, has placed on currency exchange, withdrawals and hard-currency transfers overseas. But it is also due to a very real factor still working in Russia’s favor: strong oil and gas exports that bring a flood of hard currency into the country.
Russia became the most sanctioned country in the world after the start of its military operation.
I and others have warned for years that the DC regime was overusing sanctions and all we’d end up with is the end of the US dollar as the world reserve currency.
That process is now accelerating.
US-led sanctions haven’t stopped North Korea and they’re not going to stop Russia.