>> but the ruble dropped and then bounced back. You are correct. Understandably, the Russian authorities blamed the West for the drop in the ruble exchange r

>> but the ruble dropped and then bounced back. You are correct. Understandably, the Russian authorities blamed the West for the drop in the ruble exchange rate, and depreciation for inflation. At the same time, they reacted by enforcing capital controls, restricting convertibility, offering more rubles to support bank liquidity and raising interest rates on ruble deposits. Shortly afterward, they also announced that in the future Moscow would honor its euro- and dollar- denominated debts, but would ask “hostile countries” to pay for their energy imports in rubles. Some dubbed this policy the “ruble clause.” The authorities can now boast that the ruble has stabilized. By the beginning of April, one euro bought 85 rubles, marking a slightly stronger exchange rate than before the war began. Western operators are perhaps not overly interested in Russian monetary policy. But what about the ruble clause? Is it little more than a flash in the pan with little practical relevance, or should we take it more seriously? https://www.gisreportsonline.com/r/ruble-clause/ https://www.gisreportsonline.com/r/ruble-clause/