Russia has tied its currency to gold to evade sanctions. Shifting the ruble away from a pegged value and into the gold standard itself is aimed at making it a credible gold substitute at a fixed rate.
Articles on Ruble
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Despite the ruble’s recovery, sanctions have actually dealt a punishing blow to the Russian economy. But changing Putin’s mind is another matter.
A closer look at Bitcoin transactions suggests ordinary Russians are the ones buying more cryptocurrency, hoping to hang onto savings as the ruble’s value plummets.
With Russia’s “great power status” tied closely to economic power, the country’s crumbling economy is putting Putin’s claims to legitimacy at risk.
The West broke an implicit contract when it denied Russia access to its foreign reserves on February 27. It’s hard to see a way back.
Denying Russia’s central bank access to its offshore reserves threatens hyperinflation, a recession and massive unemployment.
By working with allies, the Biden administration has been able to place severe sanctions on Russia – including targeting Putin’s inner circle and banning banks from SWIFT.
Top contributors
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Professor of Government, Wesleyan University
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Lecturer Banking and Finance, Faculty of Business and Law, University of Wollongong
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Cryptocurrency Trader and Researcher - Centre for Responsible Organisations & Practices, University of Wollongong
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Hesburgh Professor of Peace Studies, Emeritus, University of Notre Dame
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Associate Professor in International Development Studies, Dalhousie University
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William Saywell Professor of International Business, Simon Fraser University
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Professor Emeritus, Kroc Institute for International Peace Studies, University of Notre Dame
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Visiting Fellow, Tax and Transfer Policy Institute, Crawford School of Public Policy, Australian National University
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Visiting Fellow, Crawford School of Public Policy, Australian National University