The Russian government has given up trying to prop up its sagging ruble, and will instead do a “dirty float”
“A dirty float would look like it was a free market but the central bank would still have a measure of control”
By doing this, their central bank has already admitted they’ve lost control.
Anyway, we love the concept of making something look like it is a free market. We have no doubt that the ruble will slowly commence its climb to attain the phenomenal exchange rate of the Zimbabwean dollar’s $100 trillion/$1 US. At least this will allow the state to inflate all its problems and while a repeat of Russia 1997 is almost guaranteed, it will let the country have a fresh, post bankruptcy start in a sub-$50 oil world.
All of this will be made worse by the oligarchs / mafia moving every asset they can out of the country.