Washington Post: Despite Western sanctions, Russian ruble and banks are recovering
Russia's ruble and banking system are showing continued signs of recovery from the initial punch of sanctions, as Moscow relies on energy exports and currency controls to partly protect the nation's economy.
After initially plummeting, the ruble has rebounded and is edging closer to the value it held before the war began, according to the official exchange rate. And the banking system is gradually stabilizing as panicked customer withdrawals subside, economists say. Some of the recovery is artificial, made possible by strict limits that the central bank, the Bank of Russia, has placed on currency exchange, withdrawals and hard-currency transfers overseas. But it is also due to a very real factor still working in Russia's favor: strong oil and gas exports that bring a flood of hard currency into the country.
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WNU Editor: So much for President Biden's remarks and the media's narrative last week that the Russian ruble and economy was imploding.
A prediction.
With Russia's insistence that their goods must be paid in rubles, we are going to see a situation where most countries in the world will start to establish ruble accounts to pay for the goods that they need from Russia. Since Russia is one of the world's major grain/energy/metals/commodities exporters, and many countries are dependent on these goods, I can easily see the ruble becoming one of the world's major currencies used in trade. From Moscow's perspective. They have everything to gain from this, and nothing to lose.
Update: These US efforts are clearly not working .... U.S. officials circle globe to keep pressure on Putin as ruble rises (Reuters).
Despite Western Sanction Russia's Ruble, Banks, And Markets Are Quickly Recovering To Pre-War Levels
Russia’s ruble rebound raises questions of sanctions’ impact -- AP
Russian ruble makes almost full recovery despite western sanctions -- FOX News
Ruble Edges Closer to Clawing Back All Its Post-Invasion Decline -- Bloomberg
Putin’s plan to prop up the ruble is working. For now -- Charles Riley, CNN Business
Biden turned the ruble into rubble. Then it quickly came back -- Politico