Central bank squeeze lacks energy to cripple Russian economy

It is difficult to conceive of a complete collapse of the Russian economy as long as it can continue to sell its oil at nearly $100 a barrel.

Over the weekend, the United States, the European Union, the United Kingdom and Canada made the unprecedented announcement that they would block the Russian central bank from using its foreign currency reserves, reducing the the country’s ability to protect the ruble, which fell on Monday. They are also seeking to cut off some Russian banks from the ubiquitous Swift messaging system.


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