Ukraine – Dollar vs. Ruble | Charles Duelfer

Ukraine – Dollar vs. Ruble

Looking ahead at the conflict between the US and Russia over Ukraine,  it may turn out that this could become a financial war rather than a kinetic war.  The US has an enormous strength irrespective of our military–the US dollar.  Putin and his wealthy colleagues will be acutely aware of the effects on the Russian ruble and virtually all other Russian financial instruments.  Their wealth dropped radically after last weekend.  But, stay tuned.  Russia has great talent in the cyber world and the US financial system has demonstrated its weaknesses at various points.  Remember Target?  If I were in Putin’s place I would be thinking of ways to cause some pain to the US financial markets.  I would hope our national security leadership is keeping a watch out for this.  The difficulty, like so many things in the cyber world, may be establishing attribution.

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