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By February 24, 2023, the anniversary of the incursion into Ukraine, not only did Russia withstand the economic assault, but the sanctions boomeranged — hitting the very countries that imposed them.<ref>https://consortiumnews.com/2023/02/23/winning-losing-the-economic-war-over-ukraine/</ref> Joe Biden predicted that the U.S. would see that “the ruble will be reduced to rubble.” And that “the most stringent sanctions regime in history” was going to “weaken” Russia, perhaps even leading to Putin’s overthrow. In 2022 the ruble reached its highest exchange rate in history. Russia’s 2022 trade surplus of $227 billion was up 86 percent from 2021. The U.S.’ trade deficit over the same period rose 12.2 percent, and is approaching $1 trillion.<ref>[https://consortiumnews.com/2023/02/28/ukraine-the-tunnel-at-the-end-of-the-light/ Ukraine: The Tunnel at the End of the Light], Robert Freeman, February 28, 2023 ''Consortium News''.</ref>
By February 24, 2023, the anniversary of the incursion into Ukraine, not only did Russia withstand the economic assault, but the sanctions boomeranged — hitting the very countries that imposed them.<ref>https://consortiumnews.com/2023/02/23/winning-losing-the-economic-war-over-ukraine/</ref> Joe Biden predicted that the U.S. would see that “the ruble will be reduced to rubble.” And that “the most stringent sanctions regime in history” was going to “weaken” Russia, perhaps even leading to Putin’s overthrow. In 2022 the ruble reached its highest exchange rate in history. Russia’s 2022 trade surplus of $227 billion was up 86 percent from 2021. The U.S.’ trade deficit over the same period rose 12.2 percent, and is approaching $1 trillion.<ref>[https://consortiumnews.com/2023/02/28/ukraine-the-tunnel-at-the-end-of-the-light/ Ukraine: The Tunnel at the End of the Light], Robert Freeman, February 28, 2023 ''Consortium News''.</ref>
====Foreign reserve holdings====
Russia's foreign reserve holdings stood at a historic high of $643.2 billion on February 18, 2022 with roughly half held outside the country.
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