Putin faces mutiny from Russian businesses as ruble tanks: ‘Criticism is growing’

is from businesses as sanctions hit firms amid the country’s war with

A report from the UK’s has stated: “Criticism of high is growing amongst Russian business.”

The assessment added: “However inflationary pressures are also likely intensifying, in part due to the recent depreciation of the ruble.”

It comes after, on December 20, the Russian Central Bank (CBR) decided to hold at 21%.

British officials say this marks a shift from its recent approach to tackling inflation, as at its last meeting in October 2024, the CBR hiked from 19% to 21%.

This was the highest rate since the beginning of the war in in 2022.

The MoD added: “In November 2024, the ruble depreciated to its lowest rate against the US dollar since the invasion of in 2022 (114 per US dollar).

“The drop in the ruble’s value was almost certainly driven by the announcement of sanctions on Gazprombank, followed by the publication of economic statistics indicating continued overheating of the Russian economy.

“In response, the CBR announced it would cease the purchase of foreign currencies until 2025.”

Although, the ruble remained above 100 to the US dollar until December 20, leading to wide market expectations of another hike.

Experts believe that the CBR’s decision to hold at the current level will likely add to the imbalances in the Russian economy.

This is due to the inflationary effects of the depreciation, labour shortages and high government spending.

It comes as has suffered after reportedly lost nearly 1,400 soldiers on the first day of 2025.

‘s military authorities said endured a staggering 1,370 casualties on January 1, consisting of both .

The official announcement was posted on social media platform X alongside a quote from science fiction writer Arthur C Clarke: “The limits of the possible can only be defined by going beyond them into the impossible.”