The hard economic figures indicate President Biden’s effort to crush the Russian economy in response to Moscow’s invasion of Ukraine isn’t working.
The ruble hit a four-year high this week.
In March, Biden touted the sanctions and other measures to punish Russia economically.
“You need 200 rubles to equal $1 today. Two hundred,” he said.
The president said the “totality of our economic sanctions and controls are crushing, crushing the Russian economy.”
Now, it takes about 62 rubles to equal $1.
See Biden’s remarks in March:
President Biden: “You need 200 rubles to equal one dollar today. Moscow’s stock exchange is closed for a simple reason. I get asked ‘well why is it closed?’ Because the moment it opens it will be disbanded. You hear me? It will blow up.” pic.twitter.com/PJyLwikywt
— The Hill (@thehill) March 12, 2022
Independent journalist Jordan Schachtel posted a chart on Twitter showing the ruble’s rise in value since mid-March:
— Jordan Schachtel @ dossier.substack.com (@JordanSchachtel) May 19, 2022
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