The Russian rouble has plummeted to 113 against the dollar, its lowest since the Ukraine invasion, driven by falling oil prices and increased military spending.
Sanctions on Gazprombank, one of the last major banks untouched by sanctions, are restricting Russia's financial capabilities, deepening the economic strain amid rising inflation.
The rouble's decline can be attributed to a combination of soaring inflation, record-high interest rates, and the impact of international sanctions on critical banking institutions.
As military spending continues to surge, the Russian economy faces mounting challenges, with defense expenditures projected to rise to 13.5 trillion rubles in the upcoming budget.
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