Your own article admits that the lack of inflation is due to other factors such as reduced lending and velocity of money. All else equal if there were 40 rubles in the economy yesterday and 80 tomorrow, your rubles have half the purchasing power they had before. The printing of the money prevented a deflationary effect that would have enrichened those who held onto dollars under a period of anemic lending and lowered velocity of money. So yeah, it really is a drop relative to what the value would have been if new money had not been printed.

"For excess liquidity to create inflation, it needs to lead to a sustained increase in spending and loan growth. So far, bank lending has been anemic while the global velocity of money and the money multiplier (the ratio of broad money to base money) has fallen more than during the Great Financial Crisis. "

"the secular trends of automation and robotization, declining labor force participation, aging population and high debt levels will continue to suppress inflation over the long-term"