You can tell a lot by looking at a nation’s currency. Countries with chronically weak currencies are almost always weak at home and weak abroad. Here’s what’s troubling me. 

In recent weeks the Russian ruble has been rising. That can’t be a good sign. Before the invasion, 79 rubles bought a dollar.

In the first couple weeks after the invasion, as America and NATO developed an action plan to sanction Russia’s finances, its war machine, and its energy economy, the ruble fell all the way back to 139 to the dollar. It crashed. 

The ruble looked worthless. The joke was: “What’s the difference between a ruble and a dollar?” The answer was: “A dollar.”

So now, I’m troubled by the fact that the ruble has come all the way back to 85 rubles to the dollar — it was even stronger yesterday, a roughly 40 percent appreciation over the past couple of weeks. 

That tells me that America and NATO are not doing their economic job to successfully sanction Russia and tear apart the funding of its war machine.

The Ukrainians are doing their job: Outperforming all expectations on the battlefield, fighting Russia to a standoff — and now even perhaps pushing Russia back in parts of the country. 

Despite Vladimir Putin’s crimes against humanity, a courageous President Zelensky, a tough Ukrainian military, and the remarkable grit of the Ukrainian people have shown the world that they’re doing their part to defeat Russia. But are we doing our part?

Does the American government want Ukraine to win this war?  President Biden never said so. Neither have his minions.

Mr. Biden has yet to say yes to the Polish MiGs or the Slovakian S-300s. We haven’t sanctioned their energy companies. By all accounts Russia is still selling the same amount of oil. 

America has said no to Russian oil imports but that doesn’t officially take place until late June — months from now. We never sanctioned key Russian energy bank lenders. The White House opposes Senator Toomey’s idea of secondary bank sanctions. No one’s talking seriously yet about putting European energy payments into an escrow account, denying the funds to Mr. Putin.

The U.S. Treasury is permitting American banks to complete interest payments on Russia’s sovereign debt. Half of Russia’s 20 richest billionaires are not sanctioned, including the Russian oligarch who paid Hunter Biden $3.5 million. She’s not sanctioned. 

Mr. Putin’s been sanctioned, but he still has his $700 million yacht moored off the coast of Italy. Why haven’t we taken his yacht? He’s a war criminal, but he’s also a major league crook.

In fact, he and his cronies basically live to steal from Russian working people. That’s why Vladimir Putin needs to keep getting re-elected — because probably the minute he’s out of office he’ll be jailed in Siberia forever. 

Does America want Ukraine to win? The rise of the ruble says the White House does not want Ukraine to win. You know the old phrase, “Half measures will get you nothing”? Well, these half measures are playing right into Vladimir Putin’s hands. And that’s a bad thing.

We need to toughen up the sanctions. We need to provide more military assistance. And we need to openly support a Ukrainian victory. In his more wakeful, cognitive moments, Mr. Biden has called Mr. Putin a war criminal, and said he cannot remain in power. So prove it, Joe.

From Mr. Kudlow’s broadcast on Fox Business News.