🎁 'Tis the season to support public service journalism Donate Now
To prop up the ruble, Russia beefed up its reserves. Now they’re inaccessible.
Feb 28, 2022

To prop up the ruble, Russia beefed up its reserves. Now they’re inaccessible.

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

Feb 28, 2022
Much of the fund is in banks outside Russia — and now off-limits to the country's central bank.
An electronic sign with currency values in Moscow. Russia's plan to bolster the ruble with foreign reserves isn't panning out.
Alexander Nemenov/AFP via Getty Images

How sanctions could make life harder for Russian citizens

Feb 28, 2022
Long lines at ATMs. A significant drop in the ruble's value. Economic sanctions are already being felt by everyday Russians.
The ruble has lost about 25% of its value since Friday. Above, people walk past a currency exchange office in Moscow.
Alexander Nemenov/AFP via Getty Images

Amid wave of sanctions, Russia's energy sector is getting off pretty light so far

Feb 28, 2022
Oil and gas are key to the Russian economy, yet penalties are focused elsewhere. Could that stance change?
The construction site of a Russian platform that will hold liquified natural gas.
Mario Tama/Getty Images

Germany turns tough toward Russia over Ukraine invasion

Feb 28, 2022
Germany dropped its opposition to some tough new sanctions against Russia and is now stepping up spending on defense.
German Chancellor Olaf Scholz, seen above, announced 
a sharp increase in military spending on Sunday.
Clemens Bilan/Getty Images

Sectors that rely on Ukrainian industry slow down

Feb 28, 2022
Industries ranging from chemicals to agricultural processing and building materials are being affected.
The global supply chain is set to face further disruptions following Russia's invasion of Ukraine.
Pierre Crom/Getty Images

Music from the episode

Nightrider Tom Misch, Yussef Dayes, Freddie Gibbs
Carefully Little People
Perfect Circle Nujabes
Natural Cause Emancipator
Brisk Freddie Joachim
Chosen Blood Orange
So Far to Go J Dilla, Common, D'Angelo

The team

Nancy Farghalli Executive Producer
Daisy Palacios Senior Producer
Sean McHenry Associate Producer
Andie Corban Associate Producer
Richard Cunningham Associate Producer
Dylan Miettinen Associate Digital Producer