Plunging oil prices and economic sanctions have pushed Russia’s economy to the brink of collapse. “Couldn’t happen to a nicer dictator than Vladimir Putin,” you might be thinking, but it could have repercussions for all of us.
Russia’s currency, the ruble, crashed to record lows against the U.S. dollar on Tuesday, accelerating a months-long selloff. Russia’s central bank jacked up interest rates in the middle of the night, desperately trying to stanch the bleeding by enticing investors to keep cash in the country. The bank raised its key rate to 17 percent from 10.5 percent, the biggest hike since Russia’s ruble …read more
Source: The Huffington Post
