Tag #Russia Sanctions

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.