Summary
Russia’s ruble has plunged to its lowest level since March 2022 following new U.S. sanctions on Gazprombank, a key platform for energy payments.
The ruble’s slide, driven by sanctions, falling oil prices, and soaring defense spending, has intensified inflation and strained the war economy.
While the Kremlin benefits from a weaker ruble by converting foreign revenues into more domestic currency, experts warn of overheating risks and financial instability.
The Russian central bank is scrambling for solutions, but long-term economic pressures and declining oil revenues pose significant challenges.
It’s hard to feel bad for “russia” because it’s just another geographic region violently controlled by a state. And it’s hard to feel bad for the politicians who control the state… But it’s important to feel bad for people in russia (and ukraine, etc) because many are also victims.