guriev35_YURI KADOBNOVAFP via Getty Images_russiaruble Yuri Kadobnov/AFP via Getty Images

The Russia Sanctions Are Working

While there is no reason to think that Russia’s economy is on the brink of collapse, the ruble's recent depreciation has highlighted just how much pressure the war – and the sanctions imposed in response to it – has placed on Russia’s economy. Now, the West must go even further.

PARIS – Within days of Russian President Vladimir Putin’s full-scale invasion of Ukraine 18 months ago, the West imposed unprecedented sanctions on Russia’s central bank, freezing hundreds of billions of dollars of its assets. The ruble plummeted, reaching a record low of 136 to the US dollar a week after the invasion. But after the central bank imposed currency and capital controls, the ruble bounced back, strengthening to ₽51.5/dollar – a recovery that the Kremlin eagerly touted.

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