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Ruble Plunges to Historical Low Over Ukraine Tensions

Published: August 30, 2014 (Issue # 1826)



  • The ruble weakened to its lowest level against the U.S. dollar on Friday.
    Photo: Denis Abramov / Vedomosti

The Russian currency weakened Friday to its lowest level against the U.S. dollar since records began as evidence mounted of direct Russian military involvement in an escalating conflict in Ukraine.

The value of the ruble dropped sharply after trading opened in Moscow and by 10:27 a.m. a dollar was worth 37.01 rubles — passing the 37-ruble mark for the first time ever.

The currency later reversed initial losses and was trading around 36.9 rubles by midday, according to data from The Moscow Exchange.

The historical low comes amid multiplying indicators that the Russian military is directly engaged in supporting separatists in the ongoing civil war in Eastern Ukraine.

Moscow stock exchanges and the ruble plunged Thursday as Ukrainian President Petro Poroshenko accused Russia of a "direct invasion" and the North Atlantic Treaty Organization released photographs allegedly showing Russian armored columns inside the former Soviet country.

The ruble has weakened steadily since the end of 2013, with the previous record low being set in March as the Kremlin annexed the southern Ukrainian Black Sea region of Crimea.





 


ALL ABOUT TOWN

Saturday, Sept. 20


Starting on Sept. 18 and ending tomorrow is the Extreme Fantasy Wakeboarding Festival in Sunpark by Sredny Suzdalskoye lake in the Ozerki region of the city.


Those after something more laid back can instead head to Jazz and Wine night at TerraVino with legendary jazz guitarist Ildar Kazahanov. 12/14 Admiralteyskaya Emb.



Sunday, Sept. 21


Learn more about African culture and get some exercise during today’s “Djembe and Vuvuzela,” a bike ride starting in Palace Square that includes several stops where riders can listen to the music of Africa or watch short films about the continent. The riders plan to set off at 4 p.m. and all you need to join is a set of wheels.



Monday, Sept. 22


Do you love puppetry? If so, then be sure to go to BTK-Fest, a five-day festival that starts on Sept. 19 celebrating the art. Contemporaries from France, Belgium, the U.K. and other countries will join Russian artists to put on theatrical performances involving a variety of themes, materials and eras. Workshops and meetings are also scheduled for a chance to discuss the artistic medium in further depth.



Tuesday, Sept. 23


Marina Suhih, Director of the External Communications Department at Rostelecom North-West, and Yana Donskaya, HR Director for Northern Capital Gateway are just some of the confirmed participants of today’s round table discussion on “Interaction with Trade Unions” being hosted by SPIBA. Confirm your attendance with SPIBA by Sept. 22.


Kino Expo 2014, an international film industry convention, will be at LenExpo from today until Sept. 26. The third largest exhibition of film equipment in the world, the expo focuses on not only Russia but former Soviet republics as well.



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