The ruble, which was already at a historic low, down almost 30% so far. Russia's central bank is pushing back trading several hours ahead of what is likely an even bigger crash. We are truly in uncharted territory here. 
I can't overstate how unprecedented this is. The ruble was at 25 to the dollar pre-2014 and 60 after the oil crash that year.
Most Russians don't have savings. 20m are in poverty. Migrants send remittances to Central Asia. It's ordinary people who will really suffer.
Most Russians don't have savings. 20m are in poverty. Migrants send remittances to Central Asia. It's ordinary people who will really suffer.
The idea is sanctions will make Putin change course. But we're eight years in and he's given no sign he'll do anything but double down. And they're easy to spin as a hostile measure from the west, which Russians will blame for the huge suffering they're about to go through.
My Russian bank is offering dollars at the rate of 166 rubles. The 120 ruble rate they had last night, or 130 ruble rate they had 45 minutes ago, was a steal by comparison
Here’s how state TV is spinning it to Russians: the west is sanctioning you just because of who you are
https://twitter.com/francska1/status/1497947533540270087
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