Sanctions on Russia send ruble tumbling, interest rates skyrocketing

  • Life could get worse for Russian people who are used to hardship, experts say.
  • Russians, despite hardship, gather in streets to protest war on Ukraine.

Russians lined up at ATMs on Monday, preparing themselves for higher prices and more economic turmoil after the U.S. and Europe imposed more economic sanctions on their country over the weekend.

The sanctions caused a massive devaluation in that country’s currency, while the Bank of Russia more than doubled interest rates to 20% to slow runs on its banks. The ruble plunged about 30% against the dollar after Western nations announced unprecedented moves to block some Russian banks from a messaging network that connects financial institutions around the world and to restrict Russia’s use of its massive foreign currency reserves.






Leave a Reply

Your email address will not be published. Required fields are marked *