Three weeks ago, prime minister Vladimir Putin told Russians that exchanging roubles for dollars was a “dubious” investment. By last week, officials were U-turning, signalling they were ready to see the rouble “depreciate” gently. Russia broadened the trading band with the dollar/euro basket, allowing the rouble to depreciate by 1 per cent. Russia is right to recognise that, in a lower oil price world and with capital outflows of $50bn in October alone, it could fritter away even its relatively copious currency reserves by defending an overvalued rouble. Reserves thinned from $598bn in August to $475bn on November 7. But there are worrying questions about its chosen route.

Ideally, Russia would have devalued by, say, 10 per cent, then defended this more realistic line in the sand – or simply chosen to let the rouble float. But with Russians associating “devaluation” with the 1998 financial crisis that smashed their savings, that would be hugely risky. It would have huge political costs; the rouble’s rehabilitation has symbolised Russia’s resurgence. At worst, Russians would decide their leaders had duped them again and dump roubles, fearing the rate would plunge further.