Gas prices and inflation sure haven’t gone down a month into this.
“(Bloomberg) — 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.
Things looked dire enough that U.S. President Joe Biden said the ruble had been reduced to “rubble.”
Now, though, it sure hasn’t. The onshore ruble has surged all the way back to where it was before Putin invaded Ukraine, closing Thursday at 75.75 per dollar in Moscow. …”