Economic sanctions cripple Russian economy as ruble plunges, interest rates soar
- Economic sanctions levied by the U.S. and allies have sent everyday Russians flocking to ATMs to wait in lines dozens deep in the hopes of withdrawing cash.
- Russians want to withdraw their rubles either to spend them on physical goods insulated from inflation or to swap them for stable currencies like the U.S. dollar or euro.
- A prolonged drop in the value of the ruble would ultimately translate into a lower standard of living for Russians.
- Any goods or commodities Moscow imports — from wheat and soybeans to medical supplies — will be magnitudes more expensive, as well as foreign travel.
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