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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

Thursday, Oct. 2


The celebration of the bicentennial of the birth of Mikhail Lermontov continues with todays free exhibition in the citys Lermontov Library at 19 Liteiny Prospekt. Titled Under the Rustling Wings, the temporary exhibition will feature the costumes and scenery used in the 1917 production of Lermontovs play The Masquerade, which he wrote in 1835 when he was only 21 years old.



Friday, Oct. 3


Learn more about how to manage and evaluate employee performance during SPIBAs Human Resources Committee meeting this morning on Employee Assessment: Global and Local Trends. Starting at 9:30 a.m., the discussion will touch on such topics as the partnership between HR and business, reliable assessment strategies and more, with Tatiana Andrianova, the head of the SHL Russia and CIS branch in St. Petersburg, as the featured guest. Confirm your participation by Oct. 2 by emailing office@spiba.ru or calling 325 9091.


AmChams Procurement Committee Meeting is at 9 a.m. this morning in their office in the New St. Isaac Office Center on Ulitsa Yakubovicha.



Saturday, Oct. 4


Wine and cheese lovers will get their chance to revel during Scandinavia Country Club and Spas Wine Market Weekend. Going on today and tomorrow, wining diners can listen to live music, take part in culinary classes and, of course, sample a variety of fine wines from around the world. The cost of admission is 400 rubles ($10.30) for adults and 200 rubles ($5.15) for children.



Sunday, Oct. 5


Look for the latest fall fashions at the Autumn Market today in Freedom Anticafe at 7 Kazanskaya Ulitsa. The minimarket plans to offer clothes more flattering than the puffy jackets that are a staple of the citys cold-weather fashion, while offering the same amount of protection from the biting winds blowing off of the Baltic.



Monday, Oct. 6


SKA St. Petersburg, the citys KHL affiliate, welcomes Slovakian club HC Slovan in a match-up tonight at the Ice Palace near the Prospekt Bolshevikov metro station. The puck drops at 7:30 p.m. and tickets can be purchased on the clubs website or in person at either the arenas box office or the clubs merchandise store on Nevsky Prospekt.



Tuesday, Oct. 7


Learn more about Russias energy industry at the St. Petersburg Energy Forum that begins today and runs through Oct. 10. Attracting industry experts and political and business representatives, the forum plans to welcome more than 350 plus companies and their representatives to discuss the future of Russias largest economic sector.



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