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.

  • Flying Squid@lemmy.worldMEnglish
    98·
    3 days ago

    If only they could do something about it like not invade another country and get those sanctions lifted.

    Of course in January, they won’t have to worry about that.

    • TransplantedSconie@lemm.eeEnglish
      33·
      3 days ago

      I don’t think it will matter. I might be wrong but once hyper inflation sets in I think you are fucked and it’s years to dig out even to stability.

      • Flying Squid@lemmy.worldMEnglish
        38·
        3 days ago

        It only took Weimar Germany 3 or 4 years to fix the hyperinflation problem, but it also made people seriously distrust the government and when the next economic crisis hit (The Great Depression), Hitler was able to use the fears of the populace to rise into power.

      • Flying Squid@lemmy.worldMEnglish
        24·
        3 days ago

        Gosh, this is a difficult one… there’s a specific country talked about in the article, which is also in the headline, which has sanctions put upon it because its military invaded another country.

        But I couldn’t possibly be talking about that country, could I?