One hundred Rubles is now worth just one dollar, as the Russian currency appears on the verge of collapsing. The currency crash is the latest humiliating blow for Vladimir Putin, who has poured billions into his war with Ukraine. The stunning decline of the currency sparked a televised meltdown this week among Kremlin allies.
Kremlin propagandist Vladimir Solovyov, who is often seen as a mouthpiece for President Putin, demanded an explanation from the Russian Central Bank for the crash.
The furious TV host remarked that Russia was now a subject of global ridicule.
He said: “They are laughing at us abroad, at our ruble being one of the three weakest currencies.”
Meanwhile, one British pound is worth a stunning 126 Rubles, as of writing.
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The pitiful dollar exchange rate is the Ruble’s weakest level in 16 months.
Mr Solovyov told viewers on his popular Russia-1 programme: “The bloody Central Bank, which has alarmed the whole country and isn’t even explaining why the hell the ruble exchange rate has jumped so high.
“Thanks to the ‘genius’ policy of the Central Bank which despises the people so much that it won’t even say a single word to them about what it’s doing!”
He turned to his country’s politicians, saying: “Have you not noticed the exchange rate we have in the country?
“Have you sent even one request to the central bank? So these people come and explain to people what is going on?”
He warned that the inflation rate could peak during President Putin’s re-election campaign, with a vote scheduled for next March.
The Bank of Russia later announced that it would halt purchases of foreign currency on the domestic market for the rest of the year.
The currency slump shows the devastating impact that sanctions from the EU, UK, and US have had on the Russian economy.
There is growing concern among Kremlin officials that budget deficits could risk Russia’s intense spending on the war.
It comes after thousands of Russians moved millions into foreign accounts following June’s botched Wagner coup.
The central bank had forecast inflation between 5 and 6.5 percent this year, but the rate was already accelerating to 4.3 percent in July.
In July, one Russian parliamentary member Anatoly Aksakov tied the collapsing currency to the Ukraine war.
Mr Aksakov said that Russia’s spending in its illegally annexed territories had played a huge role.