The nation’s currency has plunged to all-time lows, raising concerns that it is headed for a full-blown financial crisis. It’s lost over 40% of its value against the U.S. dollar. Russians have been rushing to withdraw rubles and convert them into dollars, worried about the devaluation and the soaring price of imported goods.
That has exacerbated the rubles depreciation, according to S&P, which expects inflation to rise above 10% in Russia this year.
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