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Paige Fusco

The Graphic Truth: Tracking the ruble rebound

The ruble is back on top. Why?

What a wild ride the ruble has had so far this year.

Russia's currency nosedived in late February, losing as much as 30% of its value against the US dollar when Western nations slapped tough sanctions on the Kremlin for invading Ukraine. But then Vladimir Putin pulled out all the stops to save the ruble.

Spoiler: it worked.

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Packs of 1,000-ruble notes at a printing factory in Moscow.

REUTERS/Maxim Shemetov

Russian ruble weathers sanctions storm

Having plunged to a record low against the US dollar in early March, the ruble has since recovered most of its losses. Does this mean sanctions can’t impact the Russian economy as much as the West hoped? We asked Eurasia Group senior analyst Jason Bush for his take on the strength of Russia’s economy amid the war and the Western backlash.

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Biden speaks to Scholz during an EU leaders summit in Brussels.

REUTERS/Wolfgang Rattay

What We're Watching: US-EU gas deal, Putin's ruble ruse, China-India meeting

EU signs US gas deal amid Biden's European trip

US President Joe Biden kicked off his meetings in Europe on Thursday with a few big salvos. Ship more weapons and humanitarian aid to the Ukrainians? Check. Welcome 100,000 Ukrainian refugees to the US? Check. Zoom with Ukrainian President Volodymyr Zelensky? Of course. Biden also said Russia should be booted from the G20, a grouping of the world's largest economies, ahead of a summit later this year in Indonesia.

The G-7 countries and the EU leveled new sanctions on Thursday against more than 400 Russians, including members of the Russian legislature. But the allies still aren't giving Zelensky what he really wants: a NATO-enforced no-fly zone to let civilians escape Russian attacks.

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The Graphic Truth: Ukraine war hits ruble hard

Russia’s currency nosedived on Monday, losing as much as 30% of its value against the US dollar after fresh allied sanctions targeted Russia’s central bank and key lenders. The ruble has suffered double-digit losses in a single day only twice before. Once during the 1998 Russian financial crisis, and again in late 2014 as a result of collapsing oil prices and Western sanctions over Russia’s annexation of Crimea. Here’s a look at how the ruble has fared over the past quarter-century.

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