To prop up the ruble, Russia beefed up its reserves. Now they’re inaccessible.
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U.S. and ally sanctions have frozen Russian assets, making them impossible to access and to stabilize the ruble.
Segments From this episode
How sanctions will prevent Russia from using its $600 billion-plus rainy day fund to prop up the ruble
Much of the fund is in banks outside Russia — and now off-limits to the country's central bank.
Long lines at ATMs. A significant drop in the ruble's value. Economic sanctions are already being felt by everyday Russians.
The global economic HVAC system
Let's take a deeper look at SWIFT, the global interbank messaging service.
Oil and gas are key to the Russian economy, yet penalties are focused elsewhere. Could that stance change?
Germany dropped its opposition to some tough new sanctions against Russia and is now stepping up spending on defense.
Industries ranging from chemicals to agricultural processing and building materials are being affected.