Energy
Energy

A resilient rouble aided by oil, gas money: why the West failed to punish Russia and its economy

A resilient rouble aided by oil, gas money: why the West failed to punish Russia and its economy

Concept by Muhabit ul haq

Synopsis

The rouble has gained 43% against the US dollar in one month. Russia is likely to earn USD320 billion from energy sales in 2022, up more than a third from 2021. While policymakers in the West thought sanctions would cripple Russia’s economy, EU’s reliance on Russian fuel, and other nations’ decision to increase imports, changed the storyline.

By
6 mins read, Last Updated:
Vladimir Putin is unrelenting. So is the rouble. In the one month and three weeks since Russia invaded Ukraine, the West has imposed a series of sanctions. Initially, the backlash did push the rouble and Russia’s stock markets to a corner. But the currency has made a full recovery now and is trading at levels seen prior to the war. Russia’s stock market has recovered, too, from the dizzyinglows after the tanks first rolled on February 24. The

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