As the Russian ruble defies currency market gravity, perhaps no one is more surprised than officials in Ankara and Buenos Aires.
In recent years, policymakers in Turkey and Argentina tried measures similar to those undertaken by Vladimir Putin’s team — most particularly, strict capital controls. The results were calamitous for the lira and peso, which skirted all-time lows, and have never quite recovered.
Yet Putin has seen opposite results. Drum roll, please: The Russian ruble is the best-performing currency on the planet this year.
That is a turn of events US President Joe Biden and international allies didn’t count on when they slapped on sanctions in response to Putin’s February 24 invasion of Ukraine.