Ruble Hits Rock Bottom

The invasion of Ukraine by Russia has left the international community and the economy in disbelief. With their aggressive advancement into Ukraine, countries are now hesitant to engage in any business with them. As a result of imposed sanctions and increasing reluctance, the ruble, Russia’s national currency, has drastically dropped in value to 84 against the US dollar.

“The world has awoken to a new reality,” declared German Foreign Minister Annalena Baerbock during a press briefing earlier today, vowing to “implement a comprehensive set of severe sanctions against Russia.”

“It is imperative for the global community to strongly denounce Russia’s aggression and enforce the strictest sanctions in response to such abominable actions, including isolating Russian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT),” stated the foreign ministers of the Baltic nations of Lithuania, Estonia, and Latvia in a united declaration.

Moscow’s stock index drops more than 30% and the Russian ruble reaches an all-time low as Putin initiates the invasion of Ukraine https://t.co/2K8N8Ee3oQ pic.twitter.com/MlMKRlwTFS

— MarketSaga (@Marketsaga) February 24, 2022

Despite the extensive harm caused to their own economy, the Russian authorities appear unperturbed. Kremlin spokesperson Dmitry Peskov spoke about the Russian economy saying, “This emotional response was expected, but it will eventually stabilize. We have already taken all necessary measures to ensure this,” he remarked.