BY BILL POWELL
APRIL 13, 2015
An employee works at a hot rolling workshop of the Novolipetsk (NLMK) steel mill in Lipetsk, about 500 km southeast of the capital Moscow, January 30, 2014. Not only is Putin still standing, but the Russian economy, against most expectations, is actually recovering.
Today, the answer is becoming clear—and it’s not the one the West was hoping for. Not only is Putin still standing, but the Russian economy, against most expectations, is recovering. Its stock market is one of the best performing globally this year; the ruble, after losing nearly half its value against the dollar over the course of a year, is rebounding; interest rates have come down from their post-sanctions peak; the government is taking in more revenue than its own forecast expected; and foreign exchange reserves have risen nearly $10 billion from their post-crisis low.
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