Russia’s economy proved resilient last year. Now the pain is setting in the collapsing ruble says so

News Snapshot:

Open this photo in gallery: A board shows currency exchange rates of the U.S. dollar and euro against the Russian ruble, in Moscow, on Aug. 7.EVGENIA NOVOZHENINA/Reuters In the dreams of Ukraine and the West, Russia would be a failed state by now. The sanctions imposed for the war in Ukraine, ranging from the price cap on Russian oil exports to cutting the country’s banks out of the SWIFT global messaging network, plus the horrific cost of the war itself, were designed to cripple the Russian economy, forcing Vladimir Putin to sue for peace. Shortly after the start of the...