Read previewThe US miscalculated when it imposed harsh sanctions on Russia, and not only has Vladimir Putin's economy weathered the impact, but the West is facing the negative effects of the economic restrictions it imposed.
Food and energy prices have soared since the West imposed sanctions on Russia, he noted partly because Russia is one of the world's largest exporters of oil and grain.
Even the US dollar may end up worse off due to sanctions, Rubin said.
Russia's trade with China, for instance, has nearly completely phased out the dollar, Russian officials said last year.
"Sanctioning the ruble and confiscating a third of the Russian central bank's foreign reserves was supposed to cripple the Russian economy.
Persons:
—, Vladimir, Jeff Rubin, " Rubin, crimp, Rubin, Putin
Organizations:
Service, Business, The Globe, Federal Reserve Board, Bank of Canada
Locations:
Russia, Ukraine, China, Russian