The ruble has bounced back. Are sanctions not working?

Barely a month after the West imposed heavy sanctions on Russia, the ruble has bounded back up against the US dollar, to levels last seen before the invasion of Ukraine. It prompts the question: Why isn’t the ruble feeling the pain? Are sanctions not working?

Part of the reason behind this rebound is that Russian authorities are doing plenty to boost the ruble—”a lot of manipulation,” as Anthony Blinken, the US secretary of state, said on Sunday (Apr. 3). ”People are being prevented from unloading rubles… That’s artificially propping up the value.” But...