Russia has been suffering for the last year. Their problems began after the West imposed sanctions in response to Putin’s invasion of Ukraine. This cut Russian business off from much-needed financing. The next economic shoe to drop came from low oil prices. This was especially painful because oil accounts for 50% of Russia’s exports and government revenues. These two events led to a sharp decline in the ruble; at its worst level over the last year it lost half its value versus the dollar. In mid-December, to defend its currency, the
