Daily Archives: January 4, 2015

USA | What Will Russia’s Recession Look Like?

Russia entered 2015 on some extremely shaky ground: a full-scale currency crisis has seen the ruble’s steady depreciation against the dollar turn into a rout. The Russian authorities, and particularly the beleaguered Central Bank, have been falling over themselves in a scramble to respond to the crisis. They’ve been forced to bail out the suddenly-insolvent banking sector, they’ve instituted a series of “informal” capital controls on large state-owned exporters, and they’ve (already!) had to spend tens of billions of dollars worth of hard-won foreign currency reserves.