Free Republic

Since the start of the year, the ruble has soared 40% against the dollar — outperforming every other currency in the world.Russian President Vladimir Putin has touted the ruble’s robust recovery as proof that his economy has successfully withstood the onslaught of Western sanctions. “The idea was clear: crush the Russian economy violently,” Putin told an economic forum in St. Petersburg last week. “They did not succeed. Obviously, that didn’t happen.”

Russia’s invasion of Ukraine triggered global condemnation and tough sanctions aimed at denting Moscow’s war chest. Yet Russia’s revenues from fossil fuels, by far its biggest export, soared to records in the first 100 days of its war on Ukraine, driven by a windfall from oil sales amid surging prices, a new analysis shows.Russia earned what is very likely a record 93 billion euros in revenue from exports of oil, gas and coal in the first 100 days of the country’s invasion of Ukraine, according to data analyzed by the Center for Research on Energy and Clean Air, a research...

As the Russian ruble defies currency market gravity, perhaps no one is more surprised than officials in Ankara and Buenos Aires.