MOSCOW—Russian President Vladimir Putin faces a major new challenge after a catastrophic fall in the value of the ruble, which hit a new low Tuesday despite the Central Bank’s desperate efforts to halt the selling.
On the streets of Moscow, panicky consumers rushed out to buy home appliances before they became even more expensive.
Putin’s popularity has been based on oil-driven economic growth that has helped increase incomes during his 15-year rule. The ruble’s collapse, driven by a combination of slumping oil prices and Western sanctions, is denting that pillar of his power.
The Kremlin has tried to shift blame for Russia’s economic …read more
Source: The Epoch Times
