Russia will struggle to cope with a sinking rouble

On August 14th Russia’s rouble slipped past the value of 100 to the American dollar, meaning it was worth less than a solitary cent—and was the cheapest it had been since the immediate aftermath of the invasion of Ukraine. The currency is one of the world’s worst performers this year, outdone only by perennially troublesome peers like the Argentine peso, Venezuelan bolivar and Turkish lira.