Russia’s rouble strongest in 7 years despite sanctions.

 

The rouble’s stunning rise in the months since has been cited by the Kremlin as “proof” that Western sanctions are ineffective. 

“The idea was clear: violently crush the Russian economy,” Russian President Vladimir Putin said last week at the annual St. Petersburg International Economic Forum. “They were not successful. Obviously, that did not occur.” 

On Wednesday, the Russian rouble reached 52.3 per dollar, its highest level since May 2015. Thursday afternoon in Moscow, the currency was trading at 54.2 per dollar, slightly lower but still close to seven-year highs. 

The rouble has become so strong that Russia’s central bank is actively attempting to weaken it, fearing that it will make the country’s exports less competitive.

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