The Biden administration has insisted western sanctions against Russia are working despite a rebound in the value of the rouble against the US dollar.
Speaking to reporters, a senior US Treasury official said the administration believed the real value of the rouble was deeply impaired, citing Russia’s skyrocketing inflation and the depreciated exchange rate for the currency on the black market.
The rouble on Friday was trading at roughly 86 to the US dollar in the interbank market after plunging to as much as 150 to the dollar in early March. Its current value against the dollar is not far from the level on February 23, the day before Vladimir Putin, Russia’s president, launched the invasion of Ukraine.
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