Biden mocked Russia’s ruble as a ‘rubble,’ but it is roaring back.
International sanctions against Vladimir Putin’s regime drove the ruble to a record low of 121.5 rubles per dollar, evoking memories of the 1998 Russian financial crisis.
The collapse of the ruble in the days following the start of the Ukraine war was a powerful symbol of Russia’s newfound financial isolation.
The situation had deteriorated to the point where US Vice President Joe Biden declared the ruble to be “rubble.”
The ruble has risen all the way back to where it was before Putin’s invasion of Ukraine, with the currency trading as high as 74.2625 per dollar in early Moscow trade on Thursday.
Despite an extremely broad package of sanctions against the Russian government and its oligarchs, as well as an exodus of foreign businesses.
The actions will be largely ineffective if foreigners continue to consume Russian oil and natural gas, thereby supporting the ruble and filling Putin’s coffers.
The rapid ruble recovery gives Putin a major victory back in Russia, where many people are obsessed with the currency’s ups and downs, even as his military is bogged down in Ukraine and outrage grows around the world over atrocities committed.
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