Perspective: Russia's ruble has been on a roller coaster since the country invaded Ukraine. But history shows us that its current plunge could threaten the stability of Vladimir Putin's regime.
showing that celebration of its miraculous revival was premature. The track of the ruble’s roller coaster seems logical in hindsight, but few people risk predicting its future. Economists instead debate whether the West’s economic sanctions against Russia are working, and whether the ruble’s fate depends solely on the prices of oil.
But while worrying about the ruble’s standing, Russian rulers were constantly engaged in imperialistic wars that dissipated the country’s finances. Russian 19th-century nationalists and bureaucrats were embarrassed by the ruble’s poor standing compared with European gold-based currencies. Some suggested measuring its worth in pounds of Russian rye bread instead of in gold, francs or shillings. Others blamed insidious activities of Russia’s enemies for conspiring to bring the ruble down.
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