Russia’s full-frontal invasion of Ukraine has shocked the global community and economy, and as they force their way deeper into Ukraine with overt hostility, nobody wants to do business with them anymore. Due to a combination of government-issued sanctions and just general reluctance, Russia’s national currency, the ruble, has plummeted in value to 84 against the US dollar.
“We woke up in a different world today,” German Foreign Minister Annalena Baerbock said during a news conference this morning, proclaiming that “we will launch the full package of massive sanctions against Russia.”
“The entire international community must firmly condemn Russia’s aggression and impose the toughest possible sanctions in response to such outrageous acts, including disconnecting Russian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT),” the foreign ministers of the Baltic states of Lithuania, Estonia and Latvia said in a joint statement.
Russian ruble hits record low, Moscow index down more than 30% as Putin launches invasion of Ukraine https://t.co/2K8N8Ee3oQ pic.twitter.com/MlMKRlwTFS
— MarketSaga (@Marketsaga) February 24, 2022
In spite of the major damage their actions have caused to their own economy, the Russian government doesn’t seem altogether worried. “This emotional reaction was inevitable, but at the same time it will stabilize,” Kremlin spokesman Dmitry Peskov said about the Russian economy. “All the necessary measures have been taken for this,” he added.