The Ruble Is Strong, but Nobody Needs Dollars

The russians appear to have found ways of dealing with what you call the unprecedented san ons that have already been imposed. The initial sanctions immediately fros the stock of puttings cash. For him, what matters is the influx of cash every day when from half a billion to a billion uras is coming up as a payment by all for oilin guests from europe. And now the rouble. You rightly mention that the rouble actually came back to prewar levels. But there are two cavets here. One is that roubles is no longer convertible. They are major capital controls. So the fact that a rouble is strong doesn't mean that it is easy