The Russian ruble is in trouble. A new package of sanctions imposed by the United States against Russia put the national currency under pressure and triggered a crash in the Russian stock markets. Though the sanctions were reinforced only by the Americans, the Russian ruble has weakened against other currencies as well. All major currencies strengthened against the ruble. Thus, after the US dollar appreciated to 68 rubles, the euro rose to 78 rubles. And it seems that the situation will remain the same.
The sanctions were reinforced after the recent chemical attack in Syria had occurred. The global community blamed the government forces and Russia for this incident. Washington has already announced plans to discuss new restrictive measures in response to this attack. So, as Russia becomes more isolated, the exchange rate of its national currency slides lower. Currently, the Russian central bank has no reason to interfere and confined itself to technical measures. Under the conditions of high volatility of the national currency, the project proposed by the central bank became relevant. The financial watchdog intends to order all banks to fix the exchange rate right after they get verbal agreement from a client to conduct a transaction.
As already mentioned, the ruble is not the only victim. Sanctions have also dented the Russian stock market. In just a couple of days the Russian tycoons lost almost 16 billion dollars. For example, the personal wealth of Norilsk Nickel CEO Vladimir Potanin decreased by 2.25 billion dollars.
