Rouble trading suspended as currency dives after Russia invades Ukraine

[BeyondGeography]

Source: Reuters

MOSCOW, Feb 24 (Reuters) - The rouble plunged to its lowest since early 2016 on Thursday after President Vladimir Putin ordered Russian forces to invade Ukraine, a move which led the Moscow Exchange to suspend trading.

…The rouble has slumped 3.6% against the dollar to 84.0750 , minutes after opening at 0400 GMT and slid 3.9% to a record low 95.2425 versus the euro , before trading was swiftly halted.

…While trading on the Moscow Exchange was closed, Russian banks raised exchange rates sharply. Alfa Bank offered to buy dollars and euros at 91.44 and 101.11 roubles, respectively.

By 0542 GMT, the rouble was down 10.5% on the interbank market at 89.71, its weakest on record. Russia's largest lender Sberbank (SBER.MM) offered to buy euros at 116 roubles, the RIA news agency reported.

Read more: https://www.reuters.com/markets/europe/rouble-trading-suspended-currency-dives-after-russia-invades-ukraine-2022-02-24/

[blue-wave]

1. This is part of the reason

I think Putin is mentally unstable. He is severely hurting his own people. The currency is likely worthless at his moment. The suffering will not just be on the Ukrainian side.

Have you noticed his appearance in the past few months? He looks pale, weak, gaunt and very tired. Some sort of Illness affecting his mental state?

[BigmanPigman]

2. I've read that he may have Parkinson's Disease here on DU

and in an article in the Daily Beast and several other publications. I don't have the thread bookmarked but it mentioned the dementia that comes with Parkinson's.

[AntiFascist]

3. Someone in the Federal Security Service needs to 'take care of him'. n/t

[Raven123]

5. Like TFG, he has created his own reality. I do agree, he looks different. Something is off.

[Wuddles440]

6. Putin,...

at the very least, is a sociopath. He only cares about enriching himself and maintaining a strangle hold on absolute rule. To achieve his objectives, he always plays the long game and the Russian people are just pawns and expendable. The oligarchs, who he relies on for support, have had months, if not years, to insulate themselves from any adverse financial consequences. Only the Russian masses will suffer as they have throughout history.

[modrepub]

4. War Is Expensive

How many billions of $ per year were we spending in Afghanistan just "policing" with few major operations?

War is a battle of attrition; in people, in equipment and in money. The longer this drags out, the more strain this will put on Putin and his henchmen to keep Russia together.

If the offensive stalls or the Ukrainian army lands a couple of hard blows, Putin will probably be dealing with a large segment of his population that will no longer want to buy what he is selling, the reconstitution of the Russian Empire. If his cohorts are strong enough, he'll probably find himself on the wrong end of a gun or some other type of weapon if this operation fails to be quick and decisive.

[llashram]

7. I thought it was ruble?!?