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The rouble is strong because the Russian state is burning through its foreign reserves to backstop it.

• JumpCrisscross 4y ago
  > the Russian state is burning through its foreign reserves to backstop it Half of Russia’s reserves are sanctioned. They’re earning bumper returns on their energy exports, mainly oil, despite the ~20% discount they’re forced to offer. And they’ve been seizing exporters’ hard currency. They say they’re down 10% (20% sanctions adjusted) from February [1]. That’s a decrease, but it’s not burning. (Obvious disclaimer: they’re probably lying.) [1] https://tradingeconomics.com/russia/foreign-exchange-reserves https://tradingeconomics.com/russia/foreign-exchange-reserve...
  • spywaregorilla 4y ago
    > They say they’re down 10% (20% sanctions adjusted) from February [1]. That’s a decrease, but it’s not burning. (Obvious disclaimer: they’re probably lying.) That sounds like burning to me, even at the improbable 10% level.
    • JumpCrisscross 4y ago
      > sounds like burning to me, even at the improbable 10% level Fair enough. It’s a steeper drop than I expected before looking it up.
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