Kremlin tries to reassure panicking Russians over collapsing rouble

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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