May 24, 2022

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After the sanctions ... the Russian ruble fell by a record 30%

After the sanctions … the Russian ruble fell by a record 30%

After several Western countries announced new sanctions against Russia due to the invasion of UkraineThe Russian ruble hit a record low against the dollar on Monday (28).

The ruble even fell to 119.50 to the dollar in Asian market trading, which means a record drop for the currency and a 30% drop compared to last Friday’s close. According to Reuters, it subsequently recovered to around 110 per dollar.

Yesterday, the head of European diplomacy, Josep Borrell, announced that several countries in the European Union have reached a political agreement to prevent financial transactions with the Russian Central Bank, which implies freezing “more than half of the reserves” of the financial institution. The Russian government “because it is being held in the G7 countries.”

The decision was also revealed in a letter from the President of the European Commission, Ursula von der Leyen, who indicated that the measure was a punishment in addition to what was previously announced.

her too The collusion of European countries with the United States strengthened the exclusion of Russia from Swift (World Interbank Financial Telecommunication Society), a cooperative set up by countries to allow standardization of financial information and money transfers between banks around the world.

To try to overcome the situation, some banks in the country, such as Sberbank and VTB, assured their customers that they could convert local currencies into foreign currencies, such as euros and dollars, in order to avoid further losses.

With harsh economic sanctions imposed on Moscow, two Russian billionaires, Mikhail Fridman and Oleg Deripaska, He called for an end to the conflict sparked by President Vladimir Putin’s attack on UkraineFriedman described the war as a tragedy for the peoples of both countries.

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Vladimir Putin started his attack on Ukraine last Thursday (24th) and since then, She tries to capture Kyiv, but the capital of the European country has resisted the attacks. However, Russia has achieved some victories on other fronts, such as Kharkiv, the second largest city in Ukraine.

In addition, Moscow It caused global concern by setting up a military deterrent force, which includes nuclear weapons With nearly six thousand warheads, Russia has the largest atomic arsenal in the world.

*With information from Reuters and Agence France-Presse