March 31, 2022

Biden turned the ruble into rubble. Then it quickly came back.

Featuring Rachel Ziemba


Journalist Kate Davidson

A raft of punishing sanctions sent Russia’s currency crashing in the weeks after the invasion of Ukraine. Barely a month later, the ruble has staged a dramatic recovery — putting pressure on the Biden administration and its allies to deploy even tougher measures to undercut the Kremlin’s ability to finance the war.


“The strength in the ruble is reinforcing the argument for those who think that we need to take greater steps on the energy side,” said Rachel Ziemba, an adjunct senior fellow at the Center for a New American Security. “It’s definitely increasing that political pressure.”

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  • Rachel Ziemba

    Adjunct Senior Fellow, Energy, Economics, & Security Program

    Rachel Ziemba is an Adjunct Senior Fellow at the Center for a New American Security (CNAS). Her research focuses on the interlinkages between economics, finance and security i...