Russia tries to stem panic over the plummeting ruble, as the central bank is forced to intervene

Russian authorities are working to calm fears over the ruble’s sharp decline, as the central bank intervened to support the currency after it weakened to 114 against the dollar, its lowest level since March 2022 following the invasion of Ukraine. The CBR announced it would halt foreign purchases of the ruble for the rest of the year to reduce financial market volatility, leading to the ruble trading at 110 against the dollar on Thursday. President Putin and Kremlin Spokesman Peskov downplayed the situation, stating that there is no need for panic as the ruble’s fluctuations are influenced by various factors, including budget payments and seasonal shifts, which won’t impact ordinary Russians receiving their salaries in rubles.

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