The ruble establishes new anti -records on the eve of sanctions: what happens to the currency of the Russian Federation

The European Union has already prepared a 10 package of sanctions on the Russian Federation for the war against Ukraine, but even before the imposition of restrictions, the national currency of Russia - ruble - has fallen to a minimum since April 2022. Thus, on February 17, 2023, it fell by 0. 4% - to 75. 15 rubles per dollar, reports Reuters.

It is noted that the weakening of the Russian currency is caused: it is expected that the ruble can continue the fall, as EU leaders discuss such sanctions against Russia. Meanwhile, the chairman of the Committee on Finance, Tax and Customs Policy of the Verkhovna Rada, Danilo Getmantsev, said that the currency of Russia has encountered the most difficult period over the last decade. Thus, the total fall of the Russian currency in February exceeded 10%.

According to the politician, this is due to fundamental oil problems in the Russian economy. Danilo Getmantsev also noted that the Russian Federation has been actively supporting its budget by selling Yuani, but this tool is no longer so effective for financing the Federal Treasury. "Indian imports increased by 400%, and exports fell by 14%.

It has been reduced by the cost of the rupee, which has weakened in the last 12 months relative to the dollar more than all other currencies of developing countries," Getmantsev explained. Recall that the 10th package of sanctions on the Russian Federation will be introduced to the anniversary of a full-scale invasion of Ukraine. According to the President of the European Commission Ursula von Der Lyen, the volume of trade restrictions under a new package of sanctions will be 11 billion euros.