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The ruble has tumbled 9% against the dollar since Nov. 21, when the U.S. sanctioned some 50 Russian banks, including Gazprombank, which has emerged as a top linchpin for Russia in currency markets.
The ruble that Elvira Nabiullina manages crashed through the psychological support of 100 to the U.S. dollar and on Monday is now worth less than a penny, the first time since March 23 of last year.
The ruble was the best performing currency of 2015 in the forex market. Despite being far from its pre-recession levels (in January 2014, US$1 equaled roughly 33 Russian rubles), it is currently trading at roughly 52 rubles to US$1 (an increase in value from 80 rubles to US$1 in December 2014). [57]
Here are key things to know: WHY IS THE RUBLE FALLING? Russia is selling less abroad — mainly reflected in falling revenue from oil and natural gas — and it's importing more.
On 29 April, Russia's Finance Ministry said that it made an attempt to repay US$649.2 million on Russia-2022 and Russia-2042 Eurobonds (in dollars through non-sanctioned Bank Dom.RF JSC to Bank of New York Mellon Corp. and then to Citibank N.A., London branch [23]), but it was not clear if the payments would reach the recipients and Russia ...
From July 1992, when the ruble first could be legally exchanged for United States dollars, to October 1995, the rate of exchange between the ruble and the dollar declined from 144 rubles per US$1 to around 5,000 per US$1. Prior to July 1992, the ruble's rate was set artificially at a highly overvalued level.
He announced the end of Russia's flat income tax rate of 13% that he introduced in 2001 by increasing the tax rate for the top earners who earn over 5 million rubles to 15%, starting from 1 January 2021. He said that the extra revenue of around 60 billion rubles would go towards helping children with severe or rare diseases.
Russia's attempt to pay dollar bonds using rubles was ruled a "potential failure to pay event" by the Credit Derivatives Determinations Committee.