“Today, I’m authorizing additional strong sanctions, and new limitations on what can be exported to Russia,” Biden said. “This is going to impose a severe cost on the Russian economy both immediately and over time.”
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.
Who is providing advice to this president? And who is doing a follow up?
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