Ruble and dollar exchange rate

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According to Reuters, the Russian central bank announced on Sunday that it will resume the purchase of gold on the domestic market, ie from citizens and companies, from Monday, February 28. It is taking steps to ensure financial stability during the Western sanctions against Moscow imposed on it by the West for invading Ukraine.

Western countries today announced a groundbreaking measure that will effectively freeze much of Russia's $ 630 billion reserves. The central bank holds them in dollars, euros, Chinese yuan and also gold.

In fact, Russia will not be able to dispose of its dollars and euros and will have significantly less room for maneuver to prevent foreign exchange interventions from weakening its own currency. The Russian government and companies will have less money to buy goods from abroad, which is vital for their economy.

Trading will resume on Monday morning and the Russian currency is expected to fall sharply on the financial markets. This will have fatal consequences for the Russian economy, as Russian purchasing power will decline and the economy will fall sharply.