Rouble plummets: bankruptcy of Russian economy?
Following new US sanctions, the rouble is plunging on the interbankmarket and long queues of people wanting to withdraw their money can be seen at banks in Moscow.
The rouble fell to its lowest level in almost three weeks against the dollar on the interbankmarket on Thursday, in a context of very low liquidity in premarket trading. New US sanctions against Russia led to the immediate suspension of dollar and euro trading on the country's main financial market, the Moscow Stock Exchange. The Russian stock exchange and the Russian central bank issued swift statements, barely an hour after Washington announced new sanctions. Those sanctions aim to cut off the flow of money and goods meant to support Russia's war in Ukraine.
As a result, Muscovites want to withdraw their money in cash, resulting in long queues outside Moscow banks. General Michel Yakovleff, former deputy chief of staff of SHAPE (NATO), posted on X: "The rouble will soon not be worth a kopeck".
(Tagtik with FM/Source: Reuters/Photo: Frankie Leon via wikicommons under license Creative Commons CC BY 2.0.)
