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.

    • @Gradually_AdjustingEnglish
      20•3 days ago

      That gave me a heartfelt pang of yearning for the good timeline.

      • @[email protected]English
        7•2 days ago

        I was good friends with this guy who worked the copy desk at a newspaper. He got to write a lot of the headlines because he could make almost anything a pun. He’d just text me headlines all day and I’d be in stitches.