Economics

Putin’s Secret Gamble on Reserves Backfires Into Currency Crisis

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By Evgenia Pismennaya, Ilya Arkhipov and Brad Cook

December 17, 2014 at 4:00 PM EST

Updated on

December 18, 2014 at 11:57 AM EST

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Kremlin insiders gathered in secret last February to answer a crucial question for Vladimir Putin: Could Russia afford the economic blowback from taking over Crimea?

Moscow said yes.

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