Russia tries to stem panic over the plummeting ruble

[reader]

From CNBC

Russian authorities are trying to stem panic over the ruble’s sharp fall this week, with the central bank forced to intervene on Wednesday to support the currency.

The ruble weakened to 114 against the greenback on Wednesday, hitting its lowest level since March 2022, shortly after Russia invaded Ukraine.

Russia’s central bank (CBR) was forced to intervene on the day to prop up the ruble, saying it would halt foreign purchases on the domestic currency market for the rest of the year “in order to reduce the volatility of financial markets.”

Following the intervention, the ruble was trading at 110 against the dollar on Thursday morning.

Russian President Vladimir Putin commented on the situation earlier, saying there was no need to panic about the depreciation of the ruble and that the currency’s fluctuations were affected by budget payments and seasonal shifts.

“In my opinion, the situation is under control, and there are absolutely no grounds for panic,” Putin told reporters, news agency RIA Novosti reported.

“As for the fluctuations in the ruble exchange rate, this is connected not only with inflation processes, it is also connected with payments to the budget, it is connected with oil prices. There are many factors of a seasonal nature,” he added, in comments translated by Google.

[khaolakguy]

55 minutes ago, reader said:

“In my opinion, the situation is under control, and there are absolutely no grounds for panic,” Putin told reporters, news agency RIA Novosti reported.

 

Just like Corporal Jones:

https://www.youtube.com/watch?v=lI2mCG8trhc

[Moses]

5 hours ago, reader said:

The ruble weakened to 114 against the greenback on Wednesday, hitting its lowest level since March 2022, shortly after Russia invaded Ukraine.

Ruble is 104

Biden already looked like an idiot when he happily announced that sanctions had torn the Russian economy to shreds and the ruble was 200:1, and the Russian economy was on its knees in March 2022.

Do you want to be like him?

Since then, the ruble has been 60:1 and 80:1. The exchange rate changes over time. This year, the GDP "on its knees" will be 4.1%. And the GDP of "democracy" is 2.8%.

[vinapu]

3 hours ago, Moses said:

This year, the GDP "on its knees" will be 4.1%. And the GDP of "democracy" is 2.8%.

even if true don't forget it's from much lower base. 4.1% of 1000 is only 41, 2.8% of 2000 is 56. You probably, like most of us , agree that 56 is more than   41

[reader]

From Yahoo News

84 arrested in UK-led crypto laundering investigation involving Russian oligarchs, spies

The United Kingdom's National Crime Agency (NCA) announced on Dec. 4 that it had dismantled a multibillion-dollar money laundering scheme that has enabled criminal networks, including Russian spies and oligarchs, to evade sanctions using cryptocurrency.

The criminal operations, described by investigators as a "complex scheme," spanned over 30 countries. Criminal networks laundered proceeds from illegal activities to "collect funds in one country and make the equivalent value available in another, often by swapping cryptocurrency for cash," according to the NCA.

Investigators allege that two companies, Smart Group and TGR Group, served as a financial laundering hubs to various transnational criminal organizations, including the Irish Kinahan cartel, and Russian ransomware groups.

In turn, funds were further laundered to allow Russian espionage networks and oligarchs "to illegally bypass financial restrictions to invest money in the UK," according to a statement released by the NCA. The laundered funds also allowed oligarchs to purchase property in the United Kingdom.
https://www.yahoo.com/news/84-arrested-uk-led-crypto-021848182.

 

[Moses]

3 hours ago, vinapu said:

even if true don't forget it's from much lower base. 4.1% of 1000 is only 41, 2.8% of 2000 is 56. You probably, like most of us , agree that 56 is more than   41

Correct. But population of "democracy" is 2.5 times bigger

[Moses]

2 hours ago, reader said:

Investigators allege that two companies, Smart Group and TGR Group, served as a financial laundering hubs to various transnational criminal organizations, including the Irish Kinahan cartel, and Russian ransomware groups.

Unfortunately for you, head of TGR Group - Rossi (real surname Maksakov) is citizen of Ukraine.

https://home.treasury.gov/news/press-releases/jy2735

Quote

With touchpoints around the world, the TGR Group is an extensive sanctions evasion and money laundering network that works to obfuscate the illicit activities of its clients, including through the use digital assets, such as stablecoins like Tether (USDT). Controlled by Ukrainian national George Rossi, the network provides a range of services to place, layer, and integrate illicit financial schemes into the global financial system.

 

[reader]

Why is it unfortunate for me?

I wasn’t an investor.

Then again, I don’t believe neither you or me qualify as oligarchs. 🙂

[vinapu]

9 hours ago, Moses said:

Correct. But population of "democracy" is 2.5 times bigger

that's another good news for us

[Moses]

2 hours ago, reader said:

Why is it unfortunate for me?

Because it is your gossip?

 

[Moses]

17 minutes ago, vinapu said:

that's another good news for us

Well, BRICS+ is now 62% of World population since November'24.

[vinapu]

1 minute ago, Moses said:

Well, BRICS+ is now 62% of World population since November'24.

100 million people in Ethiopia or 140 in Nigeria e.t.c. doesn't make them mighty nations unfortunately  , first for their own people

[reader]

9 minutes ago, Moses said:

Because it is your gossip?

 

Wrong as usual. Ruble is on the rocks as many other news sources have noted.