Adam Tooze: Why Russia’s Economy Is Performing Better Than the West Had Hoped
The ruble is down and interest rates are surging, but vast oil revenue is keeping Moscow afloat.
Russia’s Central Bank took the extraordinary step of raising its key interest rate by 3.5 percentage points earlier this week. The move came after the value of the Russian currency had fallen to catastrophic levels; the ruble, prior to the interest rate hike, was worth less than 1 U.S. cent. The currency crisis, and the central bank’s response, offered a new window into an economy that, more than a year after Russia’s invasion of Ukraine, was faring better than many in the West had hoped—but worse than many in Russia had imagined.
Cameron Abadi is a deputy editor at Foreign Policy. Twitter: @CameronAbadi
Read More
BRICS Invitation Puts Argentina in a Tough Spot
Ahead of a presidential election, debate in Buenos Aires reveals the mounting challenges of multi-alignment.
Zelensky: ‘War Crimes Must Be Punished’
Ukraine’s president made an impassioned plea at the opening of the U.N. General Assembly to bring wrongdoers—such as Russia—to justice.
Ukraine Is Getting Its Abrams—but Not What It Really Wants
U.S. military support for Kyiv continues, but political resistance means no long-range fire.
More from Foreign Policy
A New Multilateralism
How the United States can rejuvenate the global institutions it created.
America Prepares for a Pacific War With China It Doesn’t Want
Embedded with U.S. forces in the Pacific, I saw the dilemmas of deterrence firsthand.
The Endless Frustration of Chinese Diplomacy
Beijing’s representatives are always scared they could be the next to vanish.
The End of America’s Middle East
The region’s four major countries have all forfeited Washington’s trust.
Sign up for World Brief
FP’s flagship evening newsletter guiding you through the most important world stories of the day. Delivered weekdays.
By submitting your email, you agree to the Privacy Policy and Terms of Use and to receive email correspondence from us. You may opt out at any time.
Join the Conversation
Commenting on this and other recent articles is just one benefit of a Foreign Policy subscription.
Already a subscriber? .
Subscribe Subscribe
View Comments
Join the Conversation
Join the conversation on this and other recent Foreign Policy articles when you subscribe now.
Subscribe Subscribe
Not your account?
View Comments
Join the Conversation
Please follow our comment guidelines, stay on topic, and be civil, courteous, and respectful of others’ beliefs.