Russia’s ruble drops to lowest level in over 1 year amid intensifying tensions
Date
11/20/2024 7:05:38 AM
(MENAFN) On Tuesday, the Russian ruble dropped to its lowest level in over a year, weakening by 0.82 percent to reach 100.5 per US dollar. This decline came in response to US President Joe Biden’s approval of Ukrainian forces using the American-supplied long-range Army Tactical Missile Systems (ATACMS) to strike Russian territory. The ruble’s depreciation reflects heightened economic pressures as geopolitical tensions between Russia and Ukraine continue to escalate.
This sharp drop in the ruble came amid an intensifying response from Moscow, which appears to be reacting to the increasing military aid provided to Ukraine by the US. The ruble’s fall marks a significant shift in Russia's economic outlook, as the currency struggles to maintain stability against the backdrop of continued conflict and international sanctions.
In parallel with the ruble's weakening, Russian President Vladimir Putin signed a decree on Tuesday that updates the country's nuclear doctrine. The new document, posted on the Russian government’s official website, outlines a shift in Russia’s nuclear policy, declaring that any aggression against Russia or its allies by a non-nuclear state, supported by a nuclear power, will be treated as a joint attack. This bold move underscores Russia’s heightened stance on defense and its readiness to escalate tensions in response to perceived external threats.
Putin's updated nuclear doctrine highlights the ongoing volatility in the geopolitical climate, especially in light of recent developments in the Russia-Ukraine war. The nuclear policy change, coupled with the ruble's sharp decline, reflects the broader economic and political challenges facing Russia as it navigates its ongoing conflict with Ukraine and the international consequences of its actions.
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