Russia in panic as US sanctions trigger ruble collapse – DW – 11/28/2024
www.dw.com
Russia's currency has fallen sharply as US sanctions bite, putting further pressure on the country's already strained financial system.

Summary

Russia’s ruble has plunged to its lowest level since March 2022 following new U.S. sanctions on Gazprombank, a key platform for energy payments.

The ruble’s slide, driven by sanctions, falling oil prices, and soaring defense spending, has intensified inflation and strained the war economy.

While the Kremlin benefits from a weaker ruble by converting foreign revenues into more domestic currency, experts warn of overheating risks and financial instability.

The Russian central bank is scrambling for solutions, but long-term economic pressures and declining oil revenues pose significant challenges.

  • kerrigan778@lemmy.worldEnglish
    598·
    11 days ago

    Non sensationalist version: the ruble has steadily dropped about 10% in value vs the euro over the course of the last ~4-5 months

    Yes, your currency dropping 10% in value over just 4 months is serious, it is also not sudden panic inducing collapse.

    UPDATE: The article doesn’t give this data but more recent data suggests that there is some major sudden fluctuations over the last week, possibly will become another significant sustained drop in the ruble.

    • Undearius@lemmy.caEnglish
      226·
      12 days ago

      Thank you. This headline sounds exactly like the way the other side would be criticised for wording it, very propoganda-like.

    • Korne127@lemmy.worldEnglish
      135·
      12 days ago

      Saying +10% in about four months is technically correct, but very misleading

      • GiveMemes@jlai.luEnglish
        212·
        12 days ago

        This is an unlabeled graph and ambiguous comment. What are you saying? That the ruble is doing better than he is claiming compared to the euro, or worse?