Everyone piles on as Russian ruble collapses
Even as we approach Monday’s opening bell for the Russian stock market – if they’re even able to get it open after hackers did a number on the Moscow Exchange’s website – suffice it to say that Russian currency is already in collapse. Due to the metric ton of financial consequences levied against the Russian economy over the weekend, the Russian ruble is now in full scale collapse, down as much as 41% against the U.S. dollar.
Naturally, everyone is piling on as Vladimir Putin’s currency goes down the tubes:
The Russian ruble hits a record low, now down 40% against the US dollar
Yikes, those illegal Russian campaign donations to Trump, the GOP and the NRA are going to be worth much less now
— Lindy Li (@lindyli) February 28, 2022
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Wow the Russian ruble has tumbled to a record low, down 40% vs. the US dollar.
New low – 119 rubles per US dollar
Previous low – 90:1The Russian population isn’t gonna like what’s coming.
— Nick Knudsen 🇺🇸 (@NickKnudsenUS) February 28, 2022
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Absolutely brutal collapse in the ruble tonight – down more than 40%. This exceeds the loss suffered on August 26, 1998 during the height of the Russian Financial Crisis. pic.twitter.com/45w9lAkJgH
— Karl Schamotta (@Karl_Schamotta) February 28, 2022
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As various financial experts have pointed out, because these financial moves against Russia are so unprecedented, the collapse of the ruble (and presumably the Russian stock market once it opens) could end up having unpredictable effects on the world economy. But at this rate the world has decided to take out Putin’s financial legs out of necessity, and deal with the economic fallout later.
