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![The weakness of the ruble is hurting Russia, which has lost tens of billions of dollars because of sanctions imposed by the West in the Ukraine crisis, Prime Minister Dmitry Medvedev said last week [AP]](http://thebricspost.com/wp-content/uploads/2014/06/ROUBLE.jpg)
The weakness of the ruble is hurting Russia, which has lost tens of billions of dollars because of sanctions imposed by the West in the Ukraine crisis, Prime Minister Dmitry Medvedev said last week [AP]
“This decision is aimed at limiting substantially increased ruble depreciation risks and inflation risks,” said a Central Bank statement. The announcement resulted in the Russian currency rouble gaining, up 1.6 per cent in Asian trading on Tuesday.
The Central Bank announced the move after the rouble set a new record of one-day fall versus the U.S. dollar and the euro as of 1999, falling 5.22 rubles to the dollar to 63.4 and 6.53 rubles to the euro to 78.81.
The weakness of the ruble is hurting Russia, which has lost tens of billions of dollars because of sanctions imposed by the West in the Ukraine crisis, Prime Minister Dmitry Medvedev said last week.
Medvedev warned that Western economies were also affected.
“(Sanctions) damage the economies and companies of the countries imposing sanctions just as much as (they damage ours),” he said in an interview with Russian media.
TBP and Agencies
