The rouble yesterday hit 110 against the dollar for the first time since 16 March 2022. Before launching its war on Ukraine in February 2022, the Russian currency traded at around 75-80 against the US dollar.
The latest drop came just days after the US introduced sanctions against Gazprombank, Russia's third-largest bank, which played a key role in processing payments for the remaining Russian natural gas exports to Europe.
Earlier rounds of sanctions had spared Russian gas because Europe's economy was so dependent on it, but it is now far less reliant on Russian supplies. The Gazprombank sanctions raise the prospect of a further decrease in gas revenues and foreign currency for Moscow.
The rouble's weakening threatens to erode Russians' purchasing power by increasing the cost of imported goods and could further increase inflation. The country is already contending with runaway inflation, which could climb to 8.5% this year - twice the Central Bank's target.
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