For eighteen months, half of Russia’s six hundred billion dollars in foreign exchange reserves have been out of the Kremlin’s reach. The coordinated blocking by Group of Seven (G7) powers and like-minded capitals has worked to this extent. But the debate concerning how to put the funds to good use remains unresolved. Influential voices have
On Wednesday, Russia’s central bank announced new measures to speed up its sale of foreign currency ten-fold to prop up the wobbly ruble. Although the drop in the ruble’s exchange rate since Russia’s full-scale invasion of Ukraine is an imperfect indicator of true financial health, there is no denying that the West’s financial sanctions, export
The “August curse” has spared the Kremlin this year, but the same cannot be said of Russia’s central bank. The month has periodically been the venue of political surprises in Russia, but Russian President Vladimir Putin has apparently shot down any doubt that he retains full power. However, a massive exchange rate crash brought on
