{"id":90455,"date":"2023-04-07T13:11:05","date_gmt":"2023-04-07T13:11:05","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2023\/04\/07\/russian-rouble-falls-to-lowest-value-for-a-year-2\/"},"modified":"2023-04-07T13:11:05","modified_gmt":"2023-04-07T13:11:05","slug":"russian-rouble-falls-to-lowest-value-for-a-year-2","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2023\/04\/07\/russian-rouble-falls-to-lowest-value-for-a-year-2\/","title":{"rendered":"Russian rouble falls to lowest value for a year"},"content":{"rendered":"
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The Russian ruble has fallen to its lowest level in a year since Russia invaded Ukraine shortly thereafter. <\/b><\/p>\n<\/div>\n

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The currency slipped to 82 rubles against the US dollar on Friday morning on the Moscow Stock Exchange (MOEX). <\/p>\n<\/div>\n

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Russia has been hit by massive economic sanctions since the start of an offensive in Ukraine in February 2022.<\/p>\n<\/div>\n

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Earlier this year, Russia said its economy shrank by 2.1% in 2022, far less than the predicted 15% contraction.<\/p>\n<\/div>\n

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The ruble also slipped 2% against the euro to 90.06 on Friday morning.<\/p>\n<\/div>\n

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Traders said the drop was linked to several factors, including lower oil prices in March, which reduced Russian revenue, and the post-invasion sale of Western companies in Russia.<\/p>\n<\/div>\n

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The value of the ruble has not fallen to this level since April 2022, although it was even lower immediately after the invasion, when it fell to 113 rubles per US dollar. The currency stabilized at 50 rubles in July – but has since weakened again.<\/p>\n<\/div>\n

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President Vladimir Putin had insisted the economy withstand economic sanctions, but last week he admitted the sanctions could have a negative impact on Russia.<\/p>\n<\/div>\n

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\n
    \n
  • What sanctions will be imposed on Russia?<\/li>\n
  • US celebrates war anniversary with new Russia sanctions<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
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    Russia’s Finance Minister Anton Siluanov said the latest drop was linked to changes in imports and exports to the country.<\/p>\n<\/div>\n

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    He added that the exchange rate fluctuates with “the terms of changing external economic conditions.”<\/p>\n<\/div>\n

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    Asked if people in the country should be worried, he said the ruble is likely to strengthen thanks to continued selling of Russian energy on the world market. <\/p>\n<\/div>\n

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    Late last year, Western countries imposed a price cap on Russian oil, a huge source of revenue for the country. It was one of many sanctions imposed by nations supporting Ukraine.<\/p>\n<\/div>\n

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    But despite these penalties, Russia’s economy has shrunk far less than predicted, and commentators have been surprised by its resilience. <\/p>\n<\/div>\n

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    As energy imports to Europe fell sharply in 2022, buyers in China, India and elsewhere stepped in to fill the gap. And when hundreds of Western companies pulled out of Russia to protest the invasion, local entrepreneurs hit the ground running.<\/p>\n<\/div>\n

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    Russia has said it is adjusting its economy to the sanctions and hopes to complete that process by 2024.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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