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1 Russian Sanctions and the Subsequent Response The report from the Federal Reserve Bank of Dallas (included below for reference) out- lines the cconomic impact of both international sanctions imposed on Russia in response to its invasion of Ukraine as well as their subsequent response to those sanctions. Question: While there are many details to the sanctions, their general purpose was to damage the Russian economy. Using the model below (from the perspective of the Russian economy, not the US), show how these sanctions would be expected to cause a depreciation of the ruble. SLF TO DLF DNCO Q NCO SFX Eo DFX