GB News: Expert warns ruble recovery proves ‘sanctions aren’t working’ amid ‘butchery’

Ukraine: Osadchuck says Bucha ‘most dramatic horror movie’

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Social commentator Esther Krakue spoke to Dan Wootton on GB News to discuss the horrifying stories emerging from Ukraine of genocide and war crimes. She noted how she has recently “moved” on the issue of a no-fly zone being imposed over Ukraine after the ineffectiveness of sanctions on Russia.

Ms Krakue stated: “These people are being butchered; they’re being slaughtered.

“Putin has no limit; the ruble has recovered so, clearly the sanctions haven’t been working.”

She said: “I’ve most recently moved on this issue that there should be a no-fly zone implemented because of this absolute butchery.”

Western leaders began to impose economic sanctions in the first few days of the conflict and have continued to do so as the war wages on, but NATO have ruled out imposing a no-fly zone due to escalation fears.

President Biden declared after the invasion of Ukraine that new measures against Russia will “impose severe costs on the Russian economy, both immediately and over time.”

The UK Government has just announced fresh sanctions on Russian state media and propagandists.

One of the key factors that led to the initial crash of the ruble was the removal and exclusion of multiple Russian banks from the SWIFT financial services network that harmed “their ability to operate globally”.

The Russian currency plummeted below that of one cent and cryptocurrency such as Bitcoin was more valuable than the ruble, as was the joke cryptocurrency Dogecoin.

Mykhailo Federov, The Vice Prime Minister of Ukraine, taunted Russians by saying: “We start to accept donations in meme coin.

“Now even a meme can support our army and save lives from Russian invaders.”

However, it seems that just a month on from the initial sanctions, as Ms Krakue stated, the sanctions have lost their impact.

Exchange rate charts show that the value of the ruble is increasing once more to the level prior to the invasion.

Economists have stated that parts of the recovery are artificial due to strict limits of the Bank of Russia on currency exchange, withdrawals and hard-currency transfers overseas.

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It is also known that the strong and steady gas and oil exports from Russia are continuing to bring in hard currency, made better by increasing oil and gas prices.

A treasury official told Politico that the ruble’s so-called recovery does not prove that sanctions are ineffective, and the Russian economy is more stable.

The official said: “The retracement that we’ve seen from its historic weakness is really coming from these extreme policy decisions that have been made by the central bank.

“We don’t view this as demonstrating any kind of strength in Russia’s economic outlook”.

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