Summary
Russia’s ruble has plunged to its lowest level since March 2022 following new U.S. sanctions on Gazprombank, a key platform for energy payments.
The ruble’s slide, driven by sanctions, falling oil prices, and soaring defense spending, has intensified inflation and strained the war economy.
While the Kremlin benefits from a weaker ruble by converting foreign revenues into more domestic currency, experts warn of overheating risks and financial instability.
The Russian central bank is scrambling for solutions, but long-term economic pressures and declining oil revenues pose significant challenges.
Beyond that, it’s hard to get people who are comfortable in their lives to get up and go to war. If the nation is stable internally, if the people aren’t desperate and angry, if they don’t feel like they should have more - you know, for themselves - it’s hard to get a motivated, aggressive military staffed and ready to attack their neighbors.
But also yes, an army marches on its stomach. Every major offensive beyond a nation’s borders ends when the supply chain falters.