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Economics

by Terence Zimwara

6 hours ago



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RUBLE PLUNGES TO NEW 2024 LOW AFTER US IMPOSES SANCTIONS TARGETING RUSSIAN BANKS

The Russian ruble weakened after the U.S. imposed new sanctions on Russian
banks.





EUROPE REDUCES RELIANCE ON RUSSIAN GAS

The Russian ruble fell to its lowest level since March 2022 after the U.S.
imposed sanctions on 50 Russian banks, further disrupting the inflow of foreign
currency into the country. On Nov. 27, the ruble-dollar exchange rate reached
113 rubles per dollar. However, at the time of writing, the ruble had recovered
slightly, trading just above 108 rubles per dollar.

According to a Bloomberg report, the ruble rapidly depreciated after the Office
of Foreign Asset Control (OFAC) announced new measures targeting Gazprombank and
other Russian banks. Gazprombank is believed to be instrumental in servicing
international payments for key Russian gas exports.

Following Russia’s invasion of Ukraine in February 2022, Western countries led
by the U.S. responded with sanctions and cut off Moscow from the global payments
system. Initially, this caused the ruble to depreciate sharply, but it later
recovered and ended the year as one of the best-performing currencies.

When sanctions were first imposed, Western officials intentionally excluded the
Russian oil and gas industry from the target list. At the time, there were
concerns that such a move could destabilize European countries heavily reliant
on Russian gas and oil. However, with the U.S. now the top supplier of liquefied
natural gas (LNG) to Europe, Western countries have now taken the step of
targeting key Russian financial institutions.



Some analysts quoted in the report predict that the latest sanctions will likely
further complicate foreign trade transactions and make it less profitable to
bring foreign exchange liquidity into Russia.

“The current trend of a weakening ruble may prove sustainable on the horizon of
2025,” reportedly said in a note.

Analysts predict that the ruble could depreciate further, potentially reaching
119.8 per dollar in early 2025, due to rising geopolitical tensions and a lack
of incentives to stabilize the exchange rate.

Since Nov. 21, the ruble has depreciated by 8% against the dollar. Year-to-date,
the ruble has weakened approximately 19% against the U.S. dollar and 18% against
the Chinese yuan.

TAGS IN THIS STORY

russian ruble, USD






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IN CASE YOU MISSED IT

Robert Kiyosaki Shares $500K Bitcoin Forecast — How It Compares to Other BTC
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Robert Kiyosaki has highlighted AI's $500,000 bitcoin prediction for 2025,
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