this post was submitted on 30 Nov 2024
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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.

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[–] FlyingSquid 97 points 2 weeks ago (12 children)

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.

[–] [email protected] 35 points 2 weeks ago (9 children)

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.

[–] Fedizen 3 points 2 weeks ago

its also that the US is not the major trade partner here, the EU is.

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