![]() The expectation among many in the early days of the war was that the ruble’s loss of value was going to be a long-term problem for the Russian economy. That day, a ruble was worth 0.7 cent, meaning that it cost almost 143 rubles to buy one dollar.įILE - The Russian central bank headquarters in downtown Moscow. By March 7, after governments around the world announced a range of painful sanctions on the Russian economy, the value of the ruble had fallen by nearly half. currency, meaning that it cost a little over 76 rubles to buy one dollar. One week before Russia launched its invasion of Ukraine, the ruble was worth about 1.3 cents in U.S. She added, “As the images of atrocities on the ground continue, the pressure to do more is going to increase.” ![]() “I think the natural next step and a big set of questions is around energy revenues,” Rachel Ziemba, an adjunct senior fellow at the Center for a New American Security, told VOA. However, the practical effects of the ruble’s recovery may be limited for ordinary Russians, who remain largely cut off from global markets.Īlso, as evidence of Russian troops’ brutal treatment of Ukrainian civilians accumulates, and Western governments take further steps to wean themselves off Russian energy, the Kremlin’s ability to protect its currency may weaken. ![]() The ruble’s resilience in the face of sanctions may make it easier, at least temporarily, for the regime of President Vladimir Putin to claim a measure of victory over international efforts to turn his government into a pariah. After a sharp plunge in value at the beginning of the war in Ukraine, the Russian ruble has recovered much of its value against other world currencies, a change made possible by aggressive capital controls put in place by the government in Moscow and a continual stream of payments for the country’s oil and gas exports. ![]()
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