The Russian ruble has been outperforming the U.S. dollars since May 2015. Many people have stated that Western sanctions have failed to work. Russian President Vladimir Putin stated that attempts at destroying the Russian economy failed.

Putin stated that the idea was to crush Russia’s economy violently. They failed. That didn’t happen, evidently. It has been a tradition that capital leaving a region when it is sanctioned by a majority of other countries will cause the currency’s overall price to decline against other fiat currencies.

Russia is however the second largest exporter of oil, and holds the top spot as the biggest exporter of gas . The United States and the European Union (EU), are working hard to sanction Russia, but the EU has to buy oil and gas from Russia in non-obvious ways. Fortune India claims India is allegedly buying oil from Russia and then selling it to the EU at a profit.

The New York Post explains how analysts believe that the ruble’s strong performance can be attributed to the Kremlin’s capital controls as well as the fact that oil prices and gas prices worldwide have soared. China, India, and South Korea also have been buying oil from Russia.

According to a study by Bloomberg Economics, Putin could make around $321 billion from energy exports alone. However, Tatiana Orlova of Oxford Economics , a leading emerging markets economist, said to CBS that Russia’s export markets are in decline.

Orlova stated that besides the soaring export revenues there has been a decline in Russian imports due to Western sanctions. CNBC’s Max Hess, a Fellow at the Foreign Policy Research Institute, said that Russia still enjoys record profits. He said:

The ruble exchange rate is because Russia has record foreign exchange surpluses. While Russia is selling less to the West at the moment, the West is moving to reduce its dependence on Russia. However, they still sell a lot of oil and gas at record high prices. This is creating a large current account surplus.

Biden: Service Providers refuse to update ATMs in Russia. He says Americans will have to pay high gas prices ‘as long as it takes’ to stop Putin’s invasion of Ukraine.

The U.S. and other Western corporations are trying to suppress the Russian economy. The new 100-ruble bill was introduced by the central bank of the country. However, automated teller machines (ATMs), are able to issue the new bill. NCR and Diebold Nixdorf, ATM companies, were forced to leave Russia by Western sanctions.

According to some ATM service providers, they refuse to update ATMs and reject new banknotes. Unnamed sources in the payments industry claim that Russian ATMs are not a priority. According to a source familiar with the matter, ‘Given Russia’s geopolitical situation it is difficult for us to imagine that development for Russian markets will be a priority.

Joe Biden, the American president, was asked by a NATO summit press conference whether Americans will continue to have to pay higher gas prices. Biden stated that it would take “as long it takes” to stop Putin’s invasion of Ukraine.

Biden stated that Russia can’t defeat Ukraine or move beyond Ukraine for as long as necessary. was told by Biden . Fortune reports that Americans don’t seem to agree with Biden’s decisions. According to the report, the Associated Press/NORC Center for Public Affairs Research poll shows a low level of confidence in Biden’s leadership.

70% of Americans don’t approve of Biden’s management of the U.S. economic crisis. This includes 43% of Democrats. 60% of Americans don’t approve of Biden’s leadership. 80% of U.S.

Citizens think America’s economic conditions are poor. 67% of Americans identify themselves as Democrats. Biden and his administration believe that Putin is responsible for rising world gas prices. “We could have turned our backs on Putin’s barbaric war in Ukraine, and the price for gas wouldn’t be so high, but America rose to that moment,” Biden stated June 27.