US sanctions against Gazprombank in the fall of 2024 have triggered a notable decline in the ruble’s value.
In December, Russia’s central bank maintained an interest rate of 21% as it changed its policies to alleviate the strain on the country’s struggling economy.
According to British intelligence, Russia’s persistently high interest rates have proven unfavorable for businesses, primarily due to still-elevated inflation and ongoing instability in the ruble’s value.
It is further indicated that US sanctions imposed on Gazprombank played a significant role in causing the ruble’s notable depreciation.
Meanwhile, Russia’s central bank has announced that it will suspend foreign currency purchases until 2025. Nonetheless, the ruble has managed to maintain a value of approximately 100 to one U.S. dollar.
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