On Oct. 6, the U.S. dollar and euro both reached new records versus the ruble, trading at higher than 40 and 50 rubles, respectively. It now appears that Western financial sanctions – imposed as a result of Russia’s controversial policy in Ukraine – have weakened the Russian currency a great deal. As a result, there are growing doubts as to the Kremlin’s ability to protect the Russian financial system from the full brunt of sanctions.
The RD Monthly Memo, “Moscow’s Strategy Against Financial Sanctions,” describes Russia's response to sanctions and presents a set of recommendations on how to deal with increasing economic pressures.
The report examines the consequences of Western sanctions on the Russian financial sector as well as the policy measures Russian authorities are taking to protect the Russian financial sector from the effects of sanctions. Such measures include the creation of a new national payment system and the development of an alternative system for interbank payments.
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