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The recent aggressive invasion of Ukraine by Russia has had a profound impact on the global community and economy. Russia’s ongoing military actions and hostile behavior have led to widespread condemnation and a significant drop in confidence from international business partners. As a result, the Russian national currency, the ruble, has experienced a drastic decline in value, reaching an all-time low of 84 rubles against the US dollar.
German Foreign Minister Annalena Baerbock expressed the gravity of the situation, stating, “We woke up in a different world today,” and announced plans for imposing comprehensive sanctions against Russia.
In a joint statement, the foreign ministers of the Baltic states of Lithuania, Estonia, and Latvia called for strong international condemnation and the implementation of strict sanctions in response to Russia’s aggressive actions, including the disconnection of Russian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
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
Despite the severe economic repercussions of their actions, the Russian government appears unfazed by the situation. Kremlin spokesman Dmitry Peskov downplayed concerns stating, “This emotional reaction was inevitable, but at the same time it will stabilize. All the necessary measures have been taken for this,” suggesting a degree of confidence in the Russian economy’s resilience.
