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Russian Ruble Is Now Worth Less Than 1 U.S. Cent After SWIFT Bank Sanctions. - Business - Nairaland

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Russia's Ruble Is the World's Best Performing Currency / Ukraine Crisis: Russian Ruble 30% Low After Latest Sanctions / Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion (2) (3) (4)

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Russian Ruble Is Now Worth Less Than 1 U.S. Cent After SWIFT Bank Sanctions. by NGpatriot: 5:40pm On Feb 28, 2022


The ruble plunged to a record low of less than 1 U.S. cent in value Monday after Russia was cut off from the global bank payments system in retaliation for Moscow’s invasion of Ukraine.

The Russian currency dropped nearly 26% to 105.27 per dollar, down from about 84 per dollar late Friday.

The U.S., Japan and other Western nations moved over the weekend to impose additional sanctions against Russia, including restrictions on access for some Russian banks to the SWIFT global bank payments system.

Restrictions on the Russian central bank target its access to more than $600 billion in reserves the Kremlin has at its disposal, hindering its ability to support the ruble after it fell last week to its lowest level ever.

The decline of the ruble would likely send inflation soaring, hurting all Russians and not just the Russian elites who were the targets of earlier sanctions. The resulting economic disruption, if Saturday’s measures are as harsh as described, could leave Putin facing political unrest at home.

Analysts predicted intensifying runs on banks by Russians, and falling government reserves as Russians scrambled to sell their targeted currency for safer assets.

The SWIFT financial messaging system daily moves countless billions of dollars around more than 11,000 banks and other financial institutions around the world.

Allies on both sides of the Atlantic also considered the SWIFT option in 2014, when Russia invaded and annexed Ukraine’s Crimea and backed separatist forces in eastern Ukraine. Russia declared then that kicking it out of SWIFT would be equivalent to a declaration of war and the allies shelved the idea. Russia since then has tried to develop its own financial transfer system, with limited success.

The disconnection from SWIFT announced Saturday was partial, leaving Europe and the United States room to escalate penalties later. Officials said they had not fully settled on which banks would be cut off and that the aim was for targeted, functional restrictions.


https://time.com/6152156/russian-ruble-plunges/

1 Like 1 Share

Re: Russian Ruble Is Now Worth Less Than 1 U.S. Cent After SWIFT Bank Sanctions. by FERNANDEZISBACK: 5:41pm On Feb 28, 2022
Did you just say 1cent... shocked
Now it's finished..the currency is now worthless all thanks to Putin the bloody dictator who is only after his selfish interest..

6 Likes 2 Shares

Re: Russian Ruble Is Now Worth Less Than 1 U.S. Cent After SWIFT Bank Sanctions. by Chassyklef: 5:42pm On Feb 28, 2022
Wow
Re: Russian Ruble Is Now Worth Less Than 1 U.S. Cent After SWIFT Bank Sanctions. by NGpatriot: 5:43pm On Feb 28, 2022
Ode Putin and his Central Bank tried to prop up their worthless rubble, but further sanctions won't let them access the $600 Billion stash needed to support the rubble.

In 2 weeks or less from now, many Russians won't be able to buy bread..


Sad..

10 Likes 3 Shares

Re: Russian Ruble Is Now Worth Less Than 1 U.S. Cent After SWIFT Bank Sanctions. by Rugaria: 5:44pm On Feb 28, 2022
Nations will soon move away from using the dollar as the primary business tender and we will see how Americans can subsidize their hedonistic lifestyles with their dwindling exports..

2 Likes

Re: Russian Ruble Is Now Worth Less Than 1 U.S. Cent After SWIFT Bank Sanctions. by Aboks(m): 5:45pm On Feb 28, 2022
This is just the beginning.
In the beningi, in the beningi

grin grin

2 Likes

Re: Russian Ruble Is Now Worth Less Than 1 U.S. Cent After SWIFT Bank Sanctions. by dawnomike(m): 5:45pm On Feb 28, 2022
They have just crippled the economy of Russia

2 Likes

Re: Russian Ruble Is Now Worth Less Than 1 U.S. Cent After SWIFT Bank Sanctions. by aycapri(m): 5:46pm On Feb 28, 2022
Wow, for real??
Re: Russian Ruble Is Now Worth Less Than 1 U.S. Cent After SWIFT Bank Sanctions. by Northernblood5(m): 5:48pm On Feb 28, 2022
Rugaria:
Nations will soon move away from using the dollar as the primary business tender and we will see how Americans can subsidize their hedonistic lifestyles with their dwindling exports..

Lol, which one are we now going to use? Naira with empty skulls drawn on it

2 Likes

Re: Russian Ruble Is Now Worth Less Than 1 U.S. Cent After SWIFT Bank Sanctions. by FERNANDEZISBACK: 5:49pm On Feb 28, 2022
Rugaria:
Nations will soon move away from using the dollar as the primary business tender and we will see how Americans can subsidize their hedonistic lifestyles with their dwindling exports..
Saying countries will soon move away from Dollar is tantamount to saying that international transactions should come to end... cheesy

Every country want a commonly accepted currency supported by strong economy..the us dollar stands on its trust and acceptability..
Firstly you Even need to establish a currency that will replace dollars to avoid global economy meltdown...any? or is it the crashing rubbles? grin

10 Likes 3 Shares

Re: Russian Ruble Is Now Worth Less Than 1 U.S. Cent After SWIFT Bank Sanctions. by PrinceOfLagos: 5:51pm On Feb 28, 2022
Russia economy crippled

2 Likes 1 Share

Re: Russian Ruble Is Now Worth Less Than 1 U.S. Cent After SWIFT Bank Sanctions. by markidoo(m): 5:52pm On Feb 28, 2022
Rubble in rubbles

3 Likes 1 Share

Re: Russian Ruble Is Now Worth Less Than 1 U.S. Cent After SWIFT Bank Sanctions. by Rugaria: 5:52pm On Feb 28, 2022
Northernblood5:


Lol, which one are we now going to use? Naira with empty skulls drawn on it
Yuan or gold as the legal tender..
Re: Russian Ruble Is Now Worth Less Than 1 U.S. Cent After SWIFT Bank Sanctions. by Truthisunique2: 5:53pm On Feb 28, 2022
I wonder how things go be for Russia if MasterCard and Visa decide to join this sanction list

grin grin grin 80% ATM card go just kpeme

1 Like

Re: Russian Ruble Is Now Worth Less Than 1 U.S. Cent After SWIFT Bank Sanctions. by Nobody: 5:53pm On Feb 28, 2022
Lolz, after boasting they are sanction proof.
Re: Russian Ruble Is Now Worth Less Than 1 U.S. Cent After SWIFT Bank Sanctions. by Ecos(m): 5:56pm On Feb 28, 2022
cry All those yahoo guys wey get clients for Russia go don dey cry now because their money don dey useless like naira grin

6 Likes

Re: Russian Ruble Is Now Worth Less Than 1 U.S. Cent After SWIFT Bank Sanctions. by Parachoko: 5:57pm On Feb 28, 2022
Rugaria:
Nations will soon move away from using the dollar as the primary business tender and we will see how Americans can subsidize their hedonistic lifestyles with their dwindling exports..
Countries need to sit together and work on this

Dollar been the world legal tender is giving a lot of power to the USA.

1 Like

Re: Russian Ruble Is Now Worth Less Than 1 U.S. Cent After SWIFT Bank Sanctions. by SIRTee15: 5:57pm On Feb 28, 2022
Rugaria:
Nations will soon move away from using the dollar as the primary business tender and we will see how Americans can subsidize their hedonistic lifestyles with their dwindling exports..

If the world stop using dollar. Then the world will have to find a replacement country for America's humongous import appetite...and good luck with that.
Otherwise, welcome to another great depression. Where every country wants to export but nobody wants to import.
A lot of people don't understand the current global prosperity is as a result of the dollar being the global currency. Remove it and the world economy is in trouble.

4 Likes 1 Share

Re: Russian Ruble Is Now Worth Less Than 1 U.S. Cent After SWIFT Bank Sanctions. by Rugaria: 5:58pm On Feb 28, 2022
Parachoko:
Countries need to sit together and work on this

Dollar been the world legal tender is giving a lot of power to the USA.
Thinking head here..
Re: Russian Ruble Is Now Worth Less Than 1 U.S. Cent After SWIFT Bank Sanctions. by NGpatriot: 6:01pm On Feb 28, 2022
I actually saw this coming.

This egomaniac and neighborhood tyrant invaded Georgia, the world complained and let him slide, he invaded Ukraine, took Cremia, and forever changed the map of Ukraine, the world complained and let him slide, now he's trying to take the whole of Ukraine a sovereign Nation, but if you don't stop this new Hitler, who's next?

The man is unstable, I think he smells himself too much because of his nuclear weapons which are practically useless because he can not use them.

Ukraine already signed an application to join the EU and NATO is next.

Putin's action is actually making it easy for Ukraine to join the EU and NATO.

There are more than a million ways to cripple paper tigers.

Always be careful what you wish for..

6 Likes

Re: Russian Ruble Is Now Worth Less Than 1 U.S. Cent After SWIFT Bank Sanctions. by ChimaAdeoye: 6:04pm On Feb 28, 2022
Rugaria:
Nations will soon move away from using the dollar as the primary business tender and we will see how Americans can subsidize their hedonistic lifestyles with their dwindling exports..

Nigerians should first accept Ghana cedis of Cameroon CFA for oil sales before you preach to others to stop accepting dollars.

The hypocrisy of ignoring the log in your eye to complain about the dust in another person's eye won't solve the problem!
Re: Russian Ruble Is Now Worth Less Than 1 U.S. Cent After SWIFT Bank Sanctions. by NGpatriot: 6:06pm On Feb 28, 2022
Truthisunique2:
I wonder how things go be for Russia if MasterCard and Visa decide to join this sanction list

grin grin grin 80% ATM card go just kpeme




This is just the beginning. Samsung pay don join Apple pay and Google pay to shut off Russian customers.

Re: Russian Ruble Is Now Worth Less Than 1 U.S. Cent After SWIFT Bank Sanctions. by Rugaria: 6:08pm On Feb 28, 2022
ChimaAdeoye:


Nigerians should first accept Ghana cedis of Cameroon CFA for oil sales before you preach to others to stop accepting dollars.

Ignoring the log in your eye to complain about the dust in another person's eye!

Stop talking like an economic illiterate!
This is not even an original idea from me. This idea is popular with the Chinese and Russians long before this crises started. Even Gaddafi muted the idea. Using the dollar has given the USA a very big advantage over others. If other countries are going to be economically muscled down this way, so whimsically, with sanctions and embargoes, then let every country play on some equal footings..period!
Re: Russian Ruble Is Now Worth Less Than 1 U.S. Cent After SWIFT Bank Sanctions. by History555: 6:14pm On Feb 28, 2022
NGpatriot:
Ode Putin and his Central Bank tried to prop up their worthless rubble, but further sanctions won't let them access the $600 Billion stash needed to support the rubble.

In 2 weeks or less from now, many Russians won't be able to buy bread..


Sad..


U mean the largest producer and exporter of wheat cannot produce bread.

1 Like

Re: Russian Ruble Is Now Worth Less Than 1 U.S. Cent After SWIFT Bank Sanctions. by sapientia(m): 6:16pm On Feb 28, 2022
Rugaria:
Nations will soon move away from using the dollar as the primary business tender and we will see how Americans can subsidize their hedonistic lifestyles with their dwindling exports..

Na wa ooo

Seems Nigeria have more morons than every country combined

2 Likes

Re: Russian Ruble Is Now Worth Less Than 1 U.S. Cent After SWIFT Bank Sanctions. by NGpatriot: 6:23pm On Feb 28, 2022
History555:



U mean the largest producer and exporter of wheat cannot produce bread.

No, Russia is not the world's largest producer, not even second.

Of what relevance is your wheat if you can not get paid for your wheat?

What Russia is money from export to spend on imports needed to keep their economy and way of life going which they can not do at the moment, not wheat or bread.

Very soon, factories and manufacturing plants are going to start shutting down because of import of materials. shortage

Re: Russian Ruble Is Now Worth Less Than 1 U.S. Cent After SWIFT Bank Sanctions. by NGpatriot: 6:24pm On Feb 28, 2022
sapientia:


Na wa ooo

Seems Nigeria have more morons than every country combined


That one is world-famous for his ignorant rubbish, I always ignore him..
Re: Russian Ruble Is Now Worth Less Than 1 U.S. Cent After SWIFT Bank Sanctions. by Rugaria: 6:25pm On Feb 28, 2022
sapientia:


Na wa ooo

Seems Nigeria have more morons than every country combined


What is so moronic about what I said!?
Why are some of you so dense that you cling to all these western laid paradigms as if the world never existed before they were put in place and that the world would not exist after their removal?

Several world powers have suggested this, so how is that the suggestion of "Nigerian morons"? Here is a foreign policy article on Chinese attempt to do so..


"China may want to displace the dollar with the yuan as the global reserve currency, but its actions are leading to the opposite."

LINK :
https://foreignpolicy.com/2020/08/21/dollar-global-reserve-currency-yuan-china/

From CNBC

A ‘growing club’ of ‘very powerful countries’ is steering away from using the dollar


KEY POINTS
The U.S. dollar has been the world’s major reserve currency for decades, but that status could come under threat as “very powerful countries” seek to undermine its importance, warned Anne Korin, from the Institute for the Analysis of Global Security.
Korin says China, Russia and the European Union are some “major movers” behind this push.
One of those reasons driving their shift away from the dollar is the prospect of being subject to U.S. jurisdiction if they transact in dollars.


LINK:

https://www.cnbc.com/2019/10/31/de-dollarization-russia-china-eu-are-motivated-to-shift-from-using-usd.html
Re: Russian Ruble Is Now Worth Less Than 1 U.S. Cent After SWIFT Bank Sanctions. by AroleOduduwa2: 6:26pm On Feb 28, 2022
They are not doing trade with any country at the moment so all this are pointless

1 Like

Re: Russian Ruble Is Now Worth Less Than 1 U.S. Cent After SWIFT Bank Sanctions. by NGpatriot: 6:27pm On Feb 28, 2022
This is total and complete global isolation..

Re: Russian Ruble Is Now Worth Less Than 1 U.S. Cent After SWIFT Bank Sanctions. by History555: 6:29pm On Feb 28, 2022
If Russia can't produce the food they consumed, then it's a failed state. I expect food, energy, clothing, housing, every day consumables should be cheap and not affected by dollars price. Walahi Russia is a failed country with nuclear weapons. All the money its oligarch stole should have been used to develop Russia.
Re: Russian Ruble Is Now Worth Less Than 1 U.S. Cent After SWIFT Bank Sanctions. by ivolt: 6:30pm On Feb 28, 2022
The current sanction is partial swift ban.
By the time the ban is fully activated, most Russians
will become millionaires by force.

1 Like

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