Russia Marks Crimea Annexation With A Banknote Rapidly Losing Value
  • 8 years ago
Russia is issuing a new 100-ruble banknote commemorating the annexation of Crimea. But the new bill may serve as a reminder of the country's current economic pain. At the present rate of exchange, the 100-ruble note is worth about $1.41 — around half of what it was worth in February 2014, just before Russia seized the Black Sea peninsula from Ukraine. The price reflects the sharp devaluation of the ruble because of the plunge in the price of oil, Russia's primary export, and the effect of Western sanctions imposed because of Crimea's annexation and Russian military support for separatists in eastern Ukraine. On Monday, the European Union extended sanctions against Russia for six more months, a punishment that, among other things, blocks key Russian banks and businesses from obtaining credit from European banks.
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