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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThe Ruble Has Collapsed. Here's What It Means for Russia.
Russias currency collapsed after Western leaders announced unprecedented sanctions aimed at crippling Moscow, signaling an imminent crisis that experts say will deepen Russias isolation and fuel social discontent.
The Russian ruble has lost some 20 percent of its value against the U.S. dollar since Thursday, when Russian President Vladimir Putin launched an invasion of Ukraine. This means anyone holding the currency can now buy less with their money.
Over the weekend, Western countries announced a set of new sanctions to punish Russia for its unprovoked invasion of the sovereign nation, including banning some Russian banks from the SWIFT payments system and restricting the Russian central bank from using its $640 billion of foreign exchange and gold reserves to prop up the ruble.
The measures, deemed unprecedented by many experts, are expected to deal a strong blow to the Russian economy. Anxious Russians waited in long lines outside ATMs on Sunday, worried the country would run out of cash.
Economy and life in Russia will never be the same again, said Alexander Titov, a Russia historian with Queens University Belfast.
https://www.vice.com/en/article/jgma4k/russia-ruble-collapse-economy
PortTack
(32,754 posts)gab13by13
(21,290 posts)PortTack
(32,754 posts)Cracklin Charlie
(12,904 posts)It all makes me so sad.
leftieNanner
(15,080 posts)It's the regular folks in Russia who will suffer the most. The rich guys can go pound sand, but everyone else will be in deep trouble.
Cracklin Charlie
(12,904 posts)KPN
(15,642 posts)people are victims of Putins madness. He will ultimately pay the price of their suffering. It cant come soon enough.
Beastly Boy
(9,293 posts)Unlike the Ruble, it's worth something.
ProudMNDemocrat
(16,783 posts)And hustory tells us what happened next.
jalan48
(13,855 posts)feel much pain.
Stuart G
(38,414 posts)jalan48
(13,855 posts)PJMcK
(22,025 posts)... if he's still alive to spend it.
jalan48
(13,855 posts)PJMcK
(22,025 posts)I don't.
His wealth won't save him. If he is still alive, he won't be in a position of political power. This war of aggression will prove to be Putin's Waterloo.
Gore1FL
(21,126 posts)FakeNoose
(32,620 posts)Pootie owns a lot of property in Russia, mostly stolen or confiscated from political enemies. I've never seen a list of what Pootie owns outside of Russia, but I'm certain that his oligarchs have made investments for him. They're business partners after all. Other than bank accounts which are now frozen, I'm not sure how much liquidity he has. What can he sell quickly to raise cash? What would people be willing to buy, if they knew they were buying from Putin? That's what all this sanctions stuff is about - making it impossible for them to benefit from what they stole from the Russian people.
durablend
(7,459 posts)SoonerPride
(12,286 posts)Says the guy who went bankrupt 6 times.
DFW
(54,330 posts)If one counts the total population of Russia at 150 million, that's $4,300 per citizen.
After this little military adventure, he'll probably use up most of that, and end up bankrupting his New Russian Empire for a dream of the old one.
I'll bet Putin is having a few second thoughts about the long term benefits of having hitched his wagon so tightly to Trump's wagon six years ago: