Reasons for that rebound include support from the Russian government, as well as ongoing purchases of Russian energy from the European Union and other nations, Jane Foley, head of FX Strategy for Rabobank London, told CBS News. Even with the broad-based sanctions, Russia continues to export oil, gas and coal, with Bloomberg Economics estimating that the nation’s energy exports will surge by one-third this year to $321 billion.
- Western sanctions are pummeling Russia’s economy
- New sanctions by U.S. and allies target Putin’s daughters and Russian banks
President Vladimir Putin also has put “massive capital controls” in place to stabilize the ruble, bolstering the currency, Foley noted.
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