Kennan Cable No.2: The 2014 Ruble Devaluation: A Perfect Storm
It is commonly believed that the steep decline of the Russian ruble this autumn resulted from the US and EU economic sanctions against Russia. This is not the whole story, though. The present day situation on the Russian currency market is a “perfect storm” with sanctions being just one of many factors that came about at the same time. Each of these circumstances has its own logic and could potentially affect the Russian economy, but none of them alone could have caused such a storm. However, all of them combined did. Moreover, these factors are not going anywhere, likely making the Russian ruble unstable for the foreseeable future.
Author
Kennan Institute
After more than 50 years as a vital part of the Wilson Center legacy, the Kennan Institute has become an independent think tank. You can find the current website for the Kennan Institute at kennaninstitute.org. Please look for future announcements about partnership activities between the Wilson Center and the Kennan Institute at Wilson Center Press Room. The Wilson Center is proud of its historic connection to the Kennan Institute and looks forward to supporting its activities as an independent center of knowledge. The Kennan Institute is committed to improving American understanding of Russia, Ukraine, Central Asia, the South Caucasus, and the surrounding region through research and exchange. Read more
Explore More
Browse Insights & Analysis
Kennan Cable
360° View of How Southeast Asia Can Attract More FDI in Chips and AI
