The Kremlin has downplayed the impact of the rouble’s 8.5% drop, attributing it to Western sanctions and military spending, resulting in a 35% loss in value since August. The US’s new sanctions on Gazprombank have further complicated foreign payments for Russian gas, leading to the suspension of currency trades until 2025. Analysts fear a sense of panic as the central bank plans to raise interest rates from 21% to 25% in response to the falling rouble.
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Modi’s BJP Leads in Elections in Delhi Region
In an important regional election in India’s capital, Prime Minister Narendra Modi’s Bharatiya Janata Party won over 40 seats, forming the government and defeating the incumbent Aam Aadmi Party. The A.A.P., which has governed Delhi for the past decade, faced challenges including leadership jailing and corruption accusations, while the B.J.P. focused on delivering basic services and challenging the A.A.P.’s anticorruption image. The election highlighted the cutthroat nature of Indian politics and the ongoing struggle to...
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