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Mocked as ‘Rubble’ by Biden, Russia’s Ruble Roars Back

  • Currency recovers to pre-war levels even as sanctions pile up
  • Foreign oil and gas buyers offer Putin’s government a lifeline
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Can Sanctions Really Stop Putin's War?
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In the days after the Ukraine war began, the ruble’s collapse was a potent symbol of Russia’s newfound financial isolation.

International sanctions on Vladimir Putin’s regime sank it to a record low of 121.5 rubles per dollar, triggering memories of the battering it took during the 1998 Russian financial crisis.