The Russian Ruble reached its lowest level on Monday 25 November. (Image: Getty Images)
has taken a hit and the Ruble has dropped to a two-year low against the dollar.
This is the lowest level it has dropped to since 2022 after ’s new sanctions on Gazprombank put investors off.
Until last week, Gazprombank had been the last major bank that the US hadn’t yet blacklisted.
launched a against and shortly afterwards, new sanctions were enacted against .
Restrictions will now be imposed on Gazprombank’s ability to participate in global financial trade.
: [REPORT]
Russia has prioritised military spending since the Russia-Ukraine war began. (Image: Getty Images)
This will prevent the bank from handling transactions related to energy trade which will mean European customers are unable to pay for gas.
Moscow’s economy has been increasingly weakened by the war. Last year, ’s energy revenue fell by nearly a quarter due to a cap on Russian oil.
On Monday, ‘s ruble was trading at 105 against the dollar, its lowest level since the war began.
On Thursday, fired a new hypersonic ballistic missile called the “Oreshnik” into after fired US ATACMS and British-made Storm Shadow missiles into .
DON’T MISS… [REPORT]
Russia fired a missile into Ukraine on last week after Ukraine fired US and British made missiles. (Image: Getty Images)
In total, the ruble-dollar exchange has fallen by 14% this year.
The country has high but high inflation persists, and prices for , hitting Russians hard, according to a report produced by Western-aligned Russian broadcaster .
has prioritised military spending, including military equipment, expenditure on weapons, higher military salaries, and one-time payments to military families.