The ruble fell about 30% against the dollar Monday — making it worth less than 1 U.S. cent.
Capital Economics estimated in a report that Russia's gross domestic product is likely to shrink roughly 5% as a result of the sanctions on the country's economy.
The Russian government will have to step in to support declining industries, banks and economic sectors, but without access to hard currencies like the U.S. dollar and euro, they may have to result to printing more rubles. It's a move that could quickly spiral into hyperinflation.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Ruble dives, stocks sink as West tightens Russia sanctionsThe ruble plunged to a record low of less than 1 U.S. cent and most global stock markets declined Monday after Western nations moved to block some Russian banks from a global payments system. Russia’s invasion of Ukraine has caused markets to swing wildly, given the potential impact on inflation, energy supplies and other economic repercussions. Putin's order that Russian nuclear weapons stand at increased readiness to launch ratcheted up tensions with Europe and the United States and revived dormant fears from the Cold War era.
Weiterlesen »
Ruble collapses as new sanctions on Russia hitThe West's sanctions are inflicting massive pain on the Russian economy.
Weiterlesen »
West unleashes SWIFT bans, more crushing penalties on RussiaWASHINGTON (AP) — The United States and European nations agreed Saturday to impose the most potentially crippling financial penalties yet on Russia over its unrelenting invasion of Ukraine, g…
Weiterlesen »
West unleashes SWIFT bans, more crushing penalties on RussiaUkrainians rushed to the borders Saturday as invading Russian troops pressed on with their march toward Ukraine’s capital of Kyiv. At least 150,000 people have fled Ukraine into Poland and other neighboring countries in the wake of the Russian invasion.
Weiterlesen »
Investors brace for volatility as West moves to cut Russia off from SWIFTInvestors were preparing on Saturday for more wild gyrations in asset prices after Western nations announced a harsh set of sanctions to punish Russia for its invasion of Ukraine, including blocking some banks from the SWIFT international payments system.
Weiterlesen »