The Russian ruble has registered its lowest value in two years, since the start of the war in Ukraine, accelerating its collapse after recent US sanctions against Russian banks. This Wednesday, the dollar exceeded 113 rubles, a level not seen since March 2022. Against the euro, the situation is no better: the Russian currency has lost more than 9% in just days, reaching 120 rubles per euro .
The collapse of the ruble, according to the Finnish website , It is directly linked to the international sanctions imposed and which affect fifty Russian banks, including Gazprombank, a key institution for managing income from gas exports.
“The sanctions on Gazprombank are a direct blow to the financial heart of Russia,” he says. Moscow Times, the investor and banker Evgeny Kogan. According to Bloombergmarket participants rush to buy foreign currency to meet their obligations, increasing pressure on the ruble. Added to this is concern about the drop in foreign currency earnings from Russian exports, which further aggravates the devaluation of the currency.
In just one week, the ruble has lost 8% of its value against the dollar, a reflection of the nervousness that dominates Russian markets. This decline not only complicates international transactions, but also increases import costs, fueling inflation and directly affecting Russian citizens.
The Kremlin now faces the challenge of maintaining economic stability amid increasing financial isolation. Meanwhile, international sanctions seek to further limit foreign exchange earnings, putting at risk the country’s ability to finance its state and military machinery.
With the ruble in free fall, analysts warn that the current “financial panic” could be just the beginning of a deeper crisis. The sanctions are designed to put sustained pressure on the Russian economy, and time does not appear to be in favor of the ruble or the country’s economic stability. “The future of the Russian economy is increasingly uncertain,” the experts conclude, leaving questions in the air about how far this decline can go and how it will affect the population and global markets.
