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.

  • Empricorn@feddit.nlEnglish
    91·
    10 days ago

    I don’t know why you’re speaking in the past-tense. Putin and the oligarchs can still stop the damage to the Russian economy, the lives being pointlessly spent, as well as the senseless damage to Ukraine… It all could end the very moment you read this. All they have to do is GTFO, return all prisoners/property/children they stole, and pay Ukraine reparations for the war crimes they committed. Definitely still cheaper in the long run…

    • Cyrus Draegur@lemm.eeEnglish
      21·
      11 days ago

      i want to believe.

      but it hurts to get my hopes up for … essentially nothing.