economy
What is happening to the Russian ruble?
Feb 28, 05:02

Russia's invasion of Ukraine is destroying human life on both sides of the border in ways more than one. Take the Russian currency, the ruble, for instance, which has crashed to record lows following the imposition of fresh sanctions, including banning the country's banks from using the SWIFT payment system. While the Central Bank of the Russian Federation's foreign exchange reserves are the fourth largest in the world, its ability to use them to stop the ruble's slide has been hampered by the freezing of its overseas assets. The result will be higher inflation, runs on Russian banks, and a crippled financial system. All for what?

 

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