The rouble's decline has reached its nadir at 110 against the dollar, the lowest rate since March 2022, reflecting ongoing geopolitical tensions and sanctions.
With the recent sanctions against Gazprombank, a key player in Russian gas payments, the expectation grows for decreased gas revenues and further weakening of the rouble.
The persistent weakening of the rouble threatens to exacerbate the already high inflation rates, possibly reaching 8.5% this year, double what the Central Bank aims for.
To combat soaring inflation, the Central Bank raised interest rates to 21%, the highest in over 20 years, with further increases anticipated in December.
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