President Vladimir Putin assured the public that there was no need to 'panic,' and the central bank took action. Despite the Kremlin's assurances, concerns are growing among both the general public and industrial leaders.

The Russian ruble dropped to its lowest level since the start of the Ukraine war, presssured by fears that new U.S. sanctions will gum up Russia’s already constrained trade channels. The ruble'

Russia’s central bank said no emergency steps were required to prop up the ruble as measures already in place were enough to stabilize the market situation.

With the purchasing power of the Russian ruble hitting the lowest point since March 2022, the economic toll of the full-scale invasion of Ukraine becomes glaring. Russia's expanding spending on the war has fueled inflation,

President Vladimir Putin said there isn’t any reason for Russians to panic after the currency fell to its lowest level since the days following Moscow’s invasion of Ukraine.

A recent slump in the ruble is ramping up pressure on the Bank of Russia to hike its key rate — potentially by the most since the start of the war on Ukraine.

Russia’s economy is taking punches it can’t dodge, with the ruble nosediving to its lowest point in over two years. On Wednesday, the currency crashed to 114 against the U.S. dollar—levels unseen since the early days of Moscow’s invasion of Ukraine.