The Russian economy is collapsing due to the sanctions imposed on the country following the invasion of Ukraine. The currency of Russia, the Ruble, is now worth less than one American cent, which is approximately a 30% decline over the past couple of weeks. This has led to a run on the banks, with Russian citizens lining up at ATMs over the weekend to pull out their money before the machines ran out of cash. The Russian stock market has also collapsed to the point where trading has been halted for Monday and Tuesday of this week to prevent further losses.
Russia has also been largely removed from the SWIFT payment system that enables international transactions. These effects will hit the average Russian civilian much harder than it will the oligarchs and certainly Vladimir Putin. But the hope is that this could create enough pressure on the leadership of the country to end the war in Ukraine and perhaps even lead to the ousting of Putin from office.
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