cincodias.elpais.com
Ruble Plummets to Lowest Level Since War Began, Sparking Inflation Fears
The Russian ruble has fallen to its lowest level since the start of the Ukraine war, reaching 109.5 rubles per dollar and 116.1 rubles per euro on Thursday, prompting price increases and raising concerns about high inflation and economic instability in Russia.
- What is the immediate impact of the Russian ruble's decline on Russian consumers and the broader economy?
- The Russian ruble has fallen to its lowest level since the start of the war in Ukraine, reaching 109.5 rubles per dollar and 116.1 rubles per euro. This devaluation is impacting consumer prices, with several retailers announcing price increases of around 10% starting December 2nd and further increases of 20% expected in January 2025. The Russian Central Bank has refrained from intervening to support the ruble, citing adherence to budgetary rules.
- How have Western sanctions and the Kremlin's import substitution policy contributed to the current economic situation in Russia?
- The ruble's decline is linked to the cumulative effect of Western sanctions, impacting key revenue streams for the Kremlin, such as Gazprombank, and disrupting import-dependent sectors of the Russian economy. This situation has been worsened by the failure of the Kremlin's import substitution plan, with price increases predicted by several sources as well as rising inflation, estimated by different sources to range from 8.77% to 15.3% year-on-year.
- What are the long-term economic and geopolitical implications of the ruble's devaluation and the Central Bank's non-interventionist approach?
- The ongoing depreciation of the ruble, coupled with the Kremlin's substantial military spending and the impact of sanctions, suggests a prolonged period of high inflation in Russia. The Central Bank's reluctance to intervene directly, along with the suspension of currency purchases, signals a potential acceptance of sustained currency devaluation as the situation continues to evolve. The impact on the Russian economy and its relationship with international trade partners remains uncertain.
Cognitive Concepts
Framing Bias
The framing of the article leans towards highlighting the negative consequences of the ruble's devaluation. While it presents Putin's statements, it also directly contrasts them with concerns of rising inflation, suggesting a potential bias in how the situation is portrayed. The headline, if there was one, and opening paragraphs likely emphasize the negative aspects of the ruble drop.
Language Bias
The article uses strong words like "hundirse" (to sink), "desplome" (collapse), and "explosivo" (explosive), which are emotionally charged and could influence reader perception. While these words accurately reflect the severity of the situation, using more neutral language, such as "decline," "decrease," or "significant drop" for some instances could maintain impact without being as sensationalist.
Bias by Omission
The article focuses heavily on the economic consequences of the ruble's decline and the government's response, but it could benefit from including diverse perspectives beyond those of the Russian government and its affiliated entities. For instance, perspectives from independent economists not directly tied to the Russian government, or from ordinary citizens experiencing the effects of inflation, would enrich the analysis and provide a more balanced view. Additionally, the article omits details of the sanctions and their specific impact on the Russian economy which could provide context to the ruble's decline.
False Dichotomy
The article presents a somewhat simplified view of the situation by focusing primarily on the economic consequences of the ruble's devaluation, without fully exploring the interconnectedness of geopolitical factors and the complexities of the international sanctions regime, potentially creating a false dichotomy between domestic economic issues and external political pressures.
Gender Bias
The article mentions several key figures, including Putin, Nabiullina, Peskov, and Dubinin. The article does not appear to exhibit gender bias in its language or selection of sources. However, adding information on female perspectives from various sectors could enhance the article's inclusivity.