Russian ruble extends freefall as US weighs new weapon for Ukraine amid Putin regime's disarray
extended its downward descent on Thursday, as the Wagner Group's weekend mutiny continued to reverberate.. The ruble has dropped over 15% since the start of 2023 and is down more than 80% from a high in June 2022.
Since then, Russia has seen more turmoil, especially in its military. A top Russian general is believed to have beenMeanwhile, the ruble's weakness this week was also worsened by the end of a tax period, when exporters tend to convert foreign currency revenues to rubles. With local liabilities now settled, ruble demand has dropped, weighing on its exchange rate.
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