₦airaland Forum

Russia has banned its citizens from buying US dollars, completing the isolation of an economy that once had ambitions to join the global club of financial powers.

As recently as the 2008 global financial crisis, Russian President Vladimir Putin and his lieutenants had promoted the ruble as a potential alternative to the US dollar, arguing that it should be an integral part of the global financial system. Russia would become one of the world's five biggest economies, they claimed.
Putin's quest to dominate his neighbors, starting with his assault on Georgia in 2008, and continuing with the annexation of Crimea in 2014 and last month's invasion of Ukraine, has shredded what remained of the authoritarian leader's economic dreams.
In early 2008, one US dollar would buy roughly 25 rubles. The Russian currency has depreciated significantly since then, and Western sanctions imposed in response to the invasion of Ukraine have pushed it into freefall. On Wednesday, one US dollar could buy 117 rubles in Moscow after the currency fell 10% and hit a new record low. The ruble has been even weaker in the offshore market this week.
The latest slide came after Russia's central bank banned Russians from buying hard currencies and ordered banks to cap withdrawals from foreign currency accounts at $10,000 for the next six months, moves that could help preserve some of the country's dollar reserves and support the ruble.
Sergey Aleksashenko, a former Russian finance ministry and central bank official, described the strategy as "incredible foolishness" that could lead to a run on the banks.

https://www.cnn.com/2022/03/09/business/ruble-russia-central-bank/index.html

He turned the ruble to rubble

What I don't get is whether Putin and his fanboys understand the concept of Pyrrhic victory. I mean are the benefits of engaging Ukraine in a war and 'defeating' them greater than the costs of that war?

In other words, are the benefits of an action greater than the consequences of that action? That's what every reasonable leader considers. That's what every reasonable human being should consider before shalaye-ing. Are the benefits greater than the costs?

If only the ruble can compete with naira and the Zim's dollar.

psucc:
If only the ruble can compete with naira and the Zim's dollar.

Before June if things didn’t change. Naira will have cake than the rubles as at today 1 Ruble is equivalent to 3.65 Naira.

seanfer:
Before June if things didn’t change. Naira will have cake than the rubles as at today 1 Ruble is equivalent to 3.65 Naira.

N3.65?

Dem own go worse o!

psucc:
N3.65?

Dem own go worse o!

But so many people on nairaland supporting Putin don’t really know the situation of things on ground in Russia. Right now $1 is 117 rubles.

O

And it will keep getting worse

I'm that condition lies a breakthrough