Ruble Erases Invasion Loss Even as Default Risk, Sanctions Swirl
- Russian currency rallies to strongest since before attack
- Comeback has been underpinned by tough capital controls
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The Russian ruble has wiped out the steep losses it incurred in the weeks after President Vladimir Putin sent troops into Ukraine.
The currency on Wednesday advanced past 81.16 per U.S. dollar in Moscow trading, the level it closed at on Feb. 23 -- the day before Putin launched his attack. It’s a recovery that comes at an ironic moment, as sweeping sanctions cripple Russia’s economy and send the government teetering on the edge of default.