Yep. The Russian ruble is the currency that has risen the most against the dollar.

Whoops.

The U.S. and EU sanctions were supposed to crush the ruble and bankrupt Russia. Instead, the ruble has steadily risen since the sanctions were imposed. Usually, sanctions cause a capital flight out of a country. In this case, the imbecilic decline of oil and gas production in countries like the U.S. has only made Europe MORE dependent on Russian oil. And they need rubles to buy it.

Here are the numbers: Since the end of March, Russia is collecting $20 billion a month from its oil exports and that elevates the value of the ruble. Putin has brought in more than $110 billion of petrodollars. That is what has financed his war machine.

You can thank the Green New Deal for this fiasco.