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Russian Ruble Plummets Amid Sanctions and Economic Strain

11 hours ago

Russian Ruble Plummets Amid Sanctions and Economic Strain
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7 Highlights

  • Russian ruble falls to 113 per dollar, weakest since Ukraine war began.
  • U.S. sanctions on Gazprombank sharply impact Russia's economy.
    • Moscow suggests weak ruble helps exporters despite causing inflation.
    • Central Bank's 21% interest rate fails to stabilize the ruble.
    • Sanctions on 50 Russian banks strain the national financial system.
    • Energy exports suffer from reduced oil prices and sanctions.
    • Inflation in Russia nears 8.5%, raising fears of economic stagflation.
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