Posted on 10/06/2014 9:04:43 AM PDT by Alter Kaker
MOSCOW, Oct. 6 (UPI) -- The value of the Russian ruble hit a historic low Monday when compared with U.S. and European currencies, the Russian Central Bank said. It took just over 40 rubles to buy one U.S. dollar, or just over 50 rubles to buy a euro, in Monday trading, the bank said.
The bank said last week it was struggling to keep Russian inflation in check because of U.S. and European sanctions on Russian energy companies. Sanctions were imposed earlier this year because of Russian policies in eastern Ukraine, where pro-Kremlin rebels are fighting for more authority.
Exports of crude oil, petroleum products and natural gas account for nearly 70 of all Russian export revenues in 2013. The World Bank finds Russia's export-based economy leaves it vulnerable to geopolitical tensions.
Victoria Nuland, U.S. assistant secretary of state for the Bureau of European and Eurasian Affairs, said last week sanctions "can and will" be rolled back provided Russia respects Ukraine's sovereignty.
Nuland left Sunday for Kiev to discuss the status of the conflict in eastern Ukraine.
Hit a low against the Dollar, but not the Euro. I think the record for the Euro is something like 51:1
ruble rubble
Is this connected to the price of oil dropping?
CC
Sign of the Apocalypse. Putin is the leader of the Christian world you know.
/sarc
Yep, and to sanctions. Russia's economy is almost entirely dependent on exports, particularly oil and gas. So the economy rises and falls depending on the market price... and it means that the economy as a whole is extremely vulnerable to foreign sanctions. Sanctions are making Russian goods more expensive, forcing the Kremlin to debase its own currency to make their exports more competitive.
The Ruble is up today, incidentally.
The CIA needs to be a little less obvious when they plant a story.
Thanks for joining us Vladimir Vladimirovich! Now did the ruble reach a record low, yes or no? The ruble has been on a downward trajectory all year, with no sign of stabalizing.
“The ruble has been on a downward trajectory all year, with no sign of stabilizing.”
So, this is Breaking News?
Pooty might be looking for a distraction.
It's been falling all year, but this is a record low. I think it's newsworthy, but then again I don't own FR.
Invading your neighbors can have consequences.
Maybe if the Russians would try producing more of their own products instead of importing so much they wouldn’t have to face so much inflation.
The rate was 36 to one US dollar when I was over there about 10 years ago. Over the ensuing years, the ruble grew consistently stronger against the dollar, but it looks like there’s been a big correction.
Gosh time flies. It was actually 12 years ago that I was in Russia.
[ The Ruble is up today, incidentally. The CIA needs to be a little less obvious when they plant a story.
Thanks for joining us Vladimir Vladimirovich! Now did the ruble reach a record low, yes or no? The ruble has been on a downward trajectory all year, with no sign of stabalizing. ]
when the Dollar falls it is just a “Market Correction” when the Ruble falls it is nothing but bad news apparently...
Wars are always over money and/or things such as oil, rubber, gold, etc. If Russia gets backed into the corner too far she will strike.
Braking, the word is braking. Like slowing down?
I does make me nervous though.
A wounded Putin could be a dangerous one.
Ok, he and his crew are dangerous anyway.
But (breaking? braking?) news of record lows made Scooby say "ruh-roh". What's a Vladi gonna' do when he get's mad-i? why piss him off in weak punishment/low grade economic warfare? is it worth it?
It doesn't help we have had recently in high diplomatic office super-bright idiots such as the "reset" clown-Hildebeast as Sec. of State (Obola should be horse-whipped for having made that creature representative of the U.S. ) and now "Jon Carry" (halp us, Jon we r stuck here in Iraq) the same.
Appearing weak and stupid at the same time is laying out too much temptation.
Meanwhile, the Chinese have their own interests in mind -- screw everyone else if they can't take a joke...
And accomplish what? Russia could conquer all of Ukraine and their economy would get worse, not better.
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