US Sanctions Push Ruble To Lowest Since 2022 Invasion

by L Todd WoodNovember 27, 2024November 27, 20240333

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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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L Todd Wood

L. Todd Wood, a graduate of the U.S. Air Force Academy, flew special operations helicopters supporting SEAL Team 6, Delta Force and others. After leaving the military, he pursued his other passion, finance, spending 18 years on Wall Street trading emerging market debt, and later, writing. The first of his many thrillers is "Currency." Todd has been a national security columnist for The Washington Times and contributed to One American News, Fox Business, Newsmax TV, Moscow Times, the New York Post, National Review, the Jerusalem Post, Zero Hedge and others. He is also publisher of Creative Destruction Media and editor-in-chief of Tsarizm.com. For more information about L. Todd Wood, visit LToddWood.com.