As columnists on both the left and right of the political spectrum fantasize that the West's economic sanctions against Russia are working, reality tells a much different story.
The Micex Composite Index is still sitting well within its three-year range and is substantially higher than its post-Crimea invasion dip -- which was only temporary. The Russian ruble is trading at new all-time lows against the US dollar, but it has been progressively falling since early 2011. It is not clear that the events of the past six months have led to a steeper decline in its value than would have occurred anyway. The ruble's current level as of writing is only one percent lower than it was on March 2, its low point following the Crimean invasion after which the Russian currency strengthened until late June, and only 2.6 percent lower than where it sat during the depths of the financial crisis in early 2009. Hardly a sanctions-induced currency crisis.
