Ruble at its lowest for a year, the stop on foreign currency weighs: what it means – Corriere.it

The effects of sanctions

For a year, Russia has claimed to have resisted Western sanctions in response to the onslaught on Ukraine, citing in particular as evidence the resilience of the ruble which, after the first collapse in the wake of the offensive, gained ground again during the summer and autumn, boosted in particular by soaring gas and oil prices. But after a year of sanctions and with Europe largely freeing itself from Russian gas and imposing a price cap on the price of oil, the prospects for the Russian economy are gloomier, so much so that – according to calculations by the Reuters — the ruble is currently the third worst performer among global currencies, behind only the Egyptian pound and the Argentine peso.