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Krugman looked this a few weeks ago: https://www.nytimes.com/2022/04/01/opinion/russia-ruble-econ...

tl;dr: Russia is propping up the Ruble with all the means at their disposal

Extra tidbit: the number (exchange rate) is a visible marker of "The Western world is against us", and it's very hard to preach "Everything is fine" when that number is massively worse compared to before the war; so they're destroying the future of the economy just to make sure it looks right currently.

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