Despite appearances, the Russia sanctions are working ...Middle East

In an era of instant gratification, it is perhaps not surprising that some foreign affairs commentators are expressing doubts about the effectiveness of the Western sanctions imposed on Russia since it began its invasion of Ukraine on Feb. 24. They cite a putative strengthening of the ruble and a recovery in the volume of Russian crude oil exports following an initial drop as evidence of the failure of sanctions to exact more than a mere flesh wound on the Russian economy. A closer look reveals a somewhat different story. The ruble’s strength has less to do with confidence in the currency than with the imposition of, on the one hand, exchange controls and, on the other, a precipitous d

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Despite appearances, the Russia sanctions are working ...Middle East

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