Sanctions Are Hurting the West More Than Russia,

Alvaro Vargas Llosa, Senior Fellow of The Center on Global Prosperity at the Independent Institute.

Despite repeated assurances from President Biden and other Western leaders that “the toughest economic sanctions in history” would cripple Russia’s economy and starve its war machine, that hasn’t happened. Russia’s current account, which measures global trade in goods and services, was strong in the second quarter of this year when its trade surplus rose to a record $70.1 billion. The ruble, too, has exhibited remarkable resiliency, ranking as the strongest performing currency so far this year, rising to its highest level against the euro since 2015 and making major gains against the dollar.

What accounts for Putin’s bulging coffers? The simple answer: high commodity prices and Russia’s continued ability to export oil, gas, grain, and even gold to non-Western countries. Läs artikel