5min chapter

Ones and Tooze cover image

The Fall and Rise of the Russian Ruble

Ones and Tooze

CHAPTER

The Ruble Is Worth as Much Now as It Was Before the Invasion of Ukraine

The rouble is back to its pre invasion level. So does this mean the sanctions have failed? You might think so, but the impression is deceptive. The russians understand that the aim of the game was to hit their currency and we did that through the central bank sanctions. They are completely manipulating the market for the russian currency in so far as they control it at home. This is propaganda in a sense - maintaining moral and financial stability has real effects on us all.

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