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Media: Ruble drops to lowest point since start of Russia's all-out war

by Abbey Fenbert August 15, 2023 12:55 AM 1 min read
A currency exchange office in Moscow on July 6, 2023. In August 2023, the ruble fell to below 101 against the dollar. (Photo by Natalia Kolesnikova/AFP via Getty Images)
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The Russian ruble has dropped to its lowest value since the beginning of the full-scale invasion of Ukraine, CNN reported on Aug. 14.

The Russian currency is now worth less than 1 cent, falling past 100 rubles to the dollar, a 40% decrease in its value this year.

Despite a summer bump in oil revenues, the Russian economy continues to be battered by Western sanctions and the costs of waging war in Ukraine. More countries have divested from Russian oil and gas, slashing Russia's export income to half its prewar levels.

Moreover, Russia has doubled its 2023 military spending to over $100 billion, or a third of the state budget.

Maxim Oreshkin, economic adviser to Russian dictator Vladimir Putin, blamed the ruble's fall on Moscow's central bank.

"Soft monetary policy is the main source for the ruble’s weakening and acceleration of inflation," Oreshkin wrote in an opinion piece for Russian state news agency TASS on Aug. 14.

In March 2022, immediately after the full-scale invasion, the ruble plummeted to a rate of 136 against the dollar. Its current rate represents a 17-month low.

Ukraine war latest: Military reports 3 square kilometers’ advance near Bakhmut over last week
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