The Sanctions Must Be Working, Just Look At How Strong The Russian Rouble Is Now
Wait. Did I get that right?
I can remember some of the headlines at the start of the war. I can remember how the press talked up the economic sanctions. The phrase, “we will bring Russia’s economy to its knees” comes to mind. Maybe I didn’t actually read those words in any news account, but that was my impression of how effective the sanctions would be.
I remember the stories in the financial press telling us that the rouble had crashed. The sanctions were going to make the Russian rouble worthless. And for a time, the rouble did crash. I think it was in serious doldrums for about a month.
Now?
I’m not so sure things are going to plan. Russia is still at war. Russia is still selling gas to Europe. They’re selling less of it to be sure, but they’re still selling a lot of gas to someone else.
Russia is also a major supplier of wheat and other grains to Europe and Africa. And Since late March, Russia has demanded that unfriendly countries pay up in roubles.
