Fact Check: Ruble Exchange Rate Is NOT Proof That Sanctions Against Russia Are Not Working
Does the appreciation of the Russian ruble against the U.S. dollar prove that Western sanctions against Russia are not working? No, it doesn't: Economists argue that the relationship between sanctions and exchange rate developments is not one-to-one and that the effectiveness of sanctions cannot be inferred from the exchange rate. In some cases, sanctions can paradoxically strengthen the sanctioned country's…