Russian Ruble Down after U.S. Sanctions
CBJ — The ruble continues its downward spiral as a followup to the United States imposing new sanctions against Russia.
The sanctions introduced last week targets a number of influential Russian businessmen, officials and companies. One such company, Rusal, an aluminum producer, has been hit hard over the past couple of days.
Forbes magazine’s Russian edition estimates that Russian billionaires lost a total of $12 billion in stock value on Monday alone.
Despite the unrest this is causing at some of Russia’s biggest international companies, some analysts believe the overall impact on the Russian economy may be less than most would think because Russia has already adapted to previous rounds of international sanctions and has safeguards in place for such external actions by countries such as the U.S. The full impact may not be known for months.