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The United States has imposed the most wide-reaching range of banking sanctions on Russia since spring 2022 (read more here), hitting leading state institution Gazprombank, which had remained connected to SWIFT and conducted settlements in euros. The fallout of the potential disruption on Russia’s energy trade pushed the ruble to its lowest level against the dollar in two-and-a-half years.
The latest fall in the ruble will first and foremost hit Russians via increased prices for various goods. The war has already caused a disbalance in the Russian economy, and the main consequences have been a sharp rise in prices and prohibitive interest rates on loans in an effort to cool the overheating economy, reported Russian independent news outlet The Bell.
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