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Interest rate increases, selling reserves, RUB sales bans, demanding customers pay for energy in RUB, demanding local businesses sell non-RUB reserves, banning foreign sales of Russian assets

The rate may look similar, but it is against a backdrop of a significantly different and far worse economic environment, not least the use of reserves to prop the currency will have depleted their reserves.

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This is exactly the same playbook that the ministry of finance followed when Nazi Germany went the autocratic route. They also confiscated personal stores of foreign currency, and eventually pulled the sort of financial wizardry that I'm unqualified to explain.

Adam Tooze's Wages of Destruction is an incredible book if you're into economics.

If I learned one thing from this book, it's that central banks have a lot of tricks up their sleeves if the situation demands it.

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