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Russia's ruble drops to more than a 2-year low against the dollar on fresh sanctions and surging tensions

 

Russia's ruble continued to weaken against the dollar on Monday, trading at 104 against the greenback. The currency is now at its weakest level versus the dollar since March 2022, when Russia first began its invasion of Ukraine.

Investors were spooked after the US imposed fresh restrictions on Russia's Gazprombank on Thursday, which, up until last week, had been the last major Russian bank that hadn't yet been blacklisted by the US.

The new restrictions limit Gazprombank's ability to participate in global financial trade and also prevent the bank from handling transactions related to energy trade, meaning European customers are unable to pay for Russian gas.

The latest restrictions are adding to concern over Moscow's weakening economy, which has been battered by Western sanctions since the start of the Ukraine war. Russia's energy revenue fell by nearly a quarter last year, thanks partly to Western trade restrictions including a $60-per-barrel price cap on Russian oil.

 

https://finance.yahoo.com/news/russias-ruble-drops-more-2-000303626.html

 

Trending now on Russian social networks.  Festive cabbage soup recipes for Christmas dinner.

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