![]() “For Russia, everything is about their energy revenues. Increasingly, European nations’ purchases of Russian oil and natural gas are coming under scrutiny as a loophole and lifeline for the Russian economy. He added: “The stronger the sanctions packages are going to be, the faster we’ll bring back peace.” “The only means of urging Russia to look for peace are sanctions,” Volodymyr Zelenskyy said in a video message from his besieged country. Speaking to Norway’s parliament on Wednesday, Ukraine’s president urged Western allies to inflict still greater financial pain on Russia. The ruble had fallen as low as roughly 150 to the dollar on March 7, when news emerged that the Biden administration would ban U.S. dollar, roughly where it was before Russia started its invasion a month ago. The ruble was trading at roughly 85 to the U.S. 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. 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’s a monetary defense Putin may not be able to sustain as long-term sanctions weigh down the Russian economy. READ MORE: Putin wants ‘unfriendly countries’ to pay rubles for gas exports 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. Russian President Vladimir Putin has resorted to extreme financial measures to blunt the West’s penalties and inflate his currency. and European allies moved to bury the Russian economy under thousands of new sanctions over its invasion of Ukraine. ![]() ![]() The Russian ruble by Wednesday had bounced back from the fall it took after the U.S. WASHINGTON (AP) - The ruble is no longer rubble. ![]()
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