Can Sanctions Really Stop Putin’s War? In the days after the Ukraine war began, the ruble’s collapse was a potent symbol of Russia’s newfound financial isolation. International sanctions on Vladimir Putin’s regime sank it to a record low of 121.5 rubles per dollar, triggering memories of the battering it took during the 1998 Russian financial crisis. Things looked dire enough that U.S. President Joe Biden said the ruble had been reduced to “ rubble .” Now, though, it sure hasn’t. The ruble has surged all the way back to where it was before Putin invaded Ukraine, extending its recent rally to trade as strong as 74.2625 per dollar in early Moscow trade on Thursday. What’s become clear is that despite an incredibly wide-ranging package of sanctions on the Russian government and its oligarchs, and an exodus of foreign businesses, the actions are largely toothless if foreigners keep guzzling Russian […]