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Russian ruble's rebound raises questions of sanctions' impact
By Ken Sweet and Ellen Knickmeyer
Associated Press
via Yahoo News, Sunnyvale, California
Wednesday, May 30, 2022
WASHINGTON -- The ruble is no longer rubble.
The Russian ruble by Wednesday had bounced back from the fall it took after the U.S. and European allies moved to bury the Russian economy under thousands of new sanctions over its invasion of Ukraine. Russian President Vladimir Putin has resorted to extreme financial measures to blunt the West’s penalties and inflate his currency.
... Dispatch continues below ...
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While the West has imposed unprecedented levels of sanctions against the Russian economy, Russia's central bank has jacked up interest rates to 20% and the Kremlin has imposed strict capital controls on those wishing to exchange their rubles for dollars or euros.
It's a monetary defense Putin may not be able to sustain as long-term sanctions weigh down the Russian economy.
But the ruble's recovery could be a sign that the sanctions in their current form are not working as powerfully as Ukraine's allies counted on when it comes to pressuring Putin to pull his troops from Ukraine.
It also could be a sign that Russia's efforts to artificially prop up its currency are working by leveraging its oil and gas sector. ...
... For the remainder of the report:
https://www.yahoo.com/news/russias-ruble-rebound-raises-questions-191011961.html
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