After Russia attacked on Ukraine, very quickly the value of the Russian rouble decreased to its lowest value in a year
On the Moscow Stock Exchange, the currency fell to 82 roubles to the US dollar on Friday morning (MOEX).
In February 2022 after the Russia attacked on Ukraine many economic restrictions are launched on Russia
The GDP decreased by 2.1% in 2022 rather than the 15% that expected, reported by Russia. the daily news
On Friday morning, the rouble lost 2% of its value versus the euro, falling to 90.06.
Traders said that several reasons, including falling oil prices in March that reduced Russian earnings and the sale of Western enterprises in Russia after the invasion, were responsible for the decline.
While it was considerably worse in the immediate aftermath of the invasion, when it plunged to 113 roubles per US dollar, the value of the rouble has not fallen to this low since April 2022. The currency reached 50 roubles in July when it stabilized, but it has since fallen once again.
In result of economic punishments Russia has to face economical problems said by the Russian president Valdimir Putin.
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Adjustments in imports and exports are the reason of latest decline said by the Finance Minister Anton Siluanov.
The currency rate changed by “the circumstances of changing international economic situations,” he said.
When asked whether citizens of the nation needed to worry, he said that the rouble was expected to increase due to the sustained export of Russian energy on the international market.
Because of the actions made by Western Nations in the last year, Russian oil which is the major source of income for the country devalued . That was only one of several sanctions put in place by countries that supported Ukraine.
Nonetheless, despite these sanctions, the Russian economy has contracted far less than anticipated, surprising critics with its resiliency.
When energy imports into Europe drastically decreased in 2022, consumers in China, India, and other countries filled the gap. Local businesspeople filled the void left by the withdrawal of hundreds of Western corporations from Russia in opposition to the invasion.
According to Russia, the sanctions are forcing it to adjust its economy, which it intends to have done by 2024.