It is hard to conceive a complete collapse of Russia’s economy as long as it can keep selling its oil at almost $100 a barrel.
Over the weekend, the U.S., the European Union, the U.K. and Canada made the unprecedented announcement that they would stop the Russian central bank from using its foreign-currency reserves, diminishing the country’s ability to protect the ruble, which plummeted Monday. They are also seeking to cut off some Russian banks from the ubiquitous Swift messaging system.
