European countries already reeling from record inflation risk aggravating their plight with the decision to shut themselves off from Russian oil imports.
Russian Oil Embargo Risks More Inflation Trouble for Europe
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EU Inflation at Record Levels
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Russia's currency the Ruble Surpasses Brazil’s Real as Year’s Best-Performing Currency. It’s now up more than 11% against the US dollar since the start of the year...to become the top gainer among 31 major currencies tracked by Bloomberg. https://www.bloomberg.com/news/arti...asses-brazilian-real-as-world-s-best-currency
The Russian ruble reached a four-year high on the US dollar and a seven-year high against the Euro on Friday. The ruble is being propelled by capital controls, the new ruble-based gas payment scheme and looming corporate tax dues, which are pushing up domestic demand for the currency.
"The Russian rouble gained more than 7% against the dollar on Friday, hitting levels last seen in March 2018 despite full-scale economic sanctions, becoming the best-performing currency globally"
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"The Russian rouble gained more than 7% against the dollar on Friday, hitting levels last seen in March 2018 despite full-scale economic sanctions, becoming the best-performing currency globally"
Rouble hits 2015 level against euro as EU prepares to pay for gas
The Russian rouble rallied to its strongest levels against the euro and dollar since June 2015 and March 2018 respectively on Friday, which analysts attributed to EU countries preparing to pay Russia for gas and to capital controls imposed by Moscow.