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Sergei Guriev

Sergei Guriev

Sergei Guriev, a former chief economist of the European Bank for Reconstruction and Development and former rector of the New Economic School in Moscow, is professor of economics at Sciences Po.

The rouble’s depreciation has highlighted just how much pressure the war in Ukraine – and the sanctions imposed in response – has placed on Russia’s economy. While the sanctions are clearly working, Putin’s continued ability to fund his war shows more must be done.

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The rouble’s return to its pre-war exchange rate with the US dollar should not be mistaken as a sign of its resilience. Its recovery is a reflection of unprecedented restrictions on imports and higher oil and gas prices, which will become drags on the Russian economy.

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Related Topic
Ukraine war