The ruble has come off its lows after the central bank halted foreign currency purchases for the year; however, resources to prevent further collapse are dwindling.
Despite a slight recovery from earlier lows, the ruble remains battered, largely due to sanctions against major Russian banks, prompting a decline of 20% against the dollar.
With the ruble's collapse, imports have become more expensive, increasing inflation, while trade with China has surged, reflecting a vital shift in Russia's economy.
As of last month, Russia's National Wealth Fund had only $55 billion left, diminished from $140 billion before the Ukraine invasion, restricting the Kremlin's financial maneuvers.
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