Since President Vladimir Putin invaded Ukraine, the international community has pummeled Russia with a series of financial penalties and economic sanctions targeting leaders, state-owned firms, and financial systems. Is Moscow at the point of no return? The Russian ruble fell to an all-time low of 119.25 per dollar on Monday, losing about 32 percent of its value against the greenback since Putin initiated an invasion of his western neighbor. The ruble is now worth less than a U.S. cent following tighter sanctions, a SWIFT ban, and governments across the globe ordering banks to freeze Russian assets. The Central Bank of Russia responded to the additional sanctions and crash in the ruble by more than doubling the benchmark interest rate to 20 percent. Speaking at a news conference on Monday, Elvira Nabiullina, the institution’s governor, averred that the central bank would employ additional measures to offset the capital flight by non-residents …
Russian Economy Faces Point of No Return As World Targets Kremlin
March 1, 2022
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Business & Economycommoditieseconomic policieseconomyEuropeinflationMarketsRussia economyRussia-Ukraine WarsanctionsWorld
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