Russia’s ruble is still worth less than a penny, and the Kremlin’s piggy bank for propping it up is running low

8 comments

1. # Russia has exhausted all capital reserves and can no longer keep the value of the ruble up by buying rubles and is short of yuan.

   *Over the summer, Russian businesses and banks were already suffering from a shortage of yuan, which is the most traded foreign currency in the country and a critical lifeline for the economy.*

   *Meanwhile, Russia’s sovereign wealth fund has been tapped repeatedly to prop up the ruble, leaving the Kremlin with less firepower to battle another currency collapse.*

   *Just before the latest crash, liquid assets in the National Wealth Fund were $55 billion as of last month, according to Bloomberg. That’s down from $140 billion before Russia invaded Ukraine in 2022.*

   [*https://fortune.com/2024/11/30/ruble-collapse-currency-crisis-penny-us-dollar-wealth-fund-vladimir-putin/*](https://fortune.com/2024/11/30/ruble-collapse-currency-crisis-penny-us-dollar-wealth-fund-vladimir-putin/)

2. Less than a penny? Not even worth the time picking one off the pavement. Be better off using toilet paper as currency.

   Here is Putin’s “dream.”

3. that was quick! even before the Gazprombank sanctions!

   but we all know what cornered animals are like- (more quasi terrorist actions from russia,day cares and hospitals bombed) hope someone takes out Putin soonish

4. # Russia has run out of Chinese yuan and cannot pay Chinese e-commerce companies that sell goods to Russia.

   # When the Chinese e-commerce companies do not get paid from Russia, Chinese companies have stopped sales to Russia.

   *Chinese companies have started suspending sales in Russia due to the ruble’s collapse*

   *China has become Russia’s largest trading partner and the main supplier of consumer goods in place of Western companies that have exited. Customs data shows that $10-11 billion worth of goods from China are imported into Russia every month—double the amount before the war began. More than 50% of products on e-commerce platforms come from China, and the share of Chinese cars on the Russian auto market has reached 70%.*

   *However, the ruble’s collapse has brought “serious losses” to Chinese exporters, says Andy Guo, the founder of the business platform Waimaojia, which focuses on the Russian market.*

   *In total, about 150,000 Chinese sellers offer their products on platforms like Ozon, Wildberries, and Yandex Market. The situation is complicated by payment issues, says an operator from one of the trading platforms in Shenzhen. According to him, his company sent goods worth hundreds of millions of yuan to Russia but hasn’t received any payment from Wildberries. Another seller mentioned that the rubles earned in Russia can only be exchanged on the black market, which is risky.*

   [https://odessa-journal.com/chinese-companies-have-started-suspending-sales-in-russia-due-to-the-rubles-collapse](https://odessa-journal.com/chinese-companies-have-started-suspending-sales-in-russia-due-to-the-rubles-collapse)

5. So what happens to them?

6. How long until a full collapse? Or do we need to wait for the people to be on the streets protesting?…that will never be….
   As long as they have people to be sent to the front lines, the war will continue…and I hate it…

7. Putin knows he’s losing his grip on Russia, he started this war, because he was worried about keeping his power.
   It’s not the first time he’s started a conflict to stay in power.Yet this time he is failing like Afghanistan.
   He will not be able to prop up his economy much longer.
   Many Western analysts have said, he underestimated the Ukrainian will power and tenacity…
   They also say, it shouldn’t be much longer, before Russia runs out of options.
   With NATO sanctions strangling Putin’s economy, he’s desperate.

8. Trump is gonna fix it. He might as well put boots in the ground just to help Russia. He said he would end the war quick, he just didn’t specify he was going to be completely on Russia’s side

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