Russia takes action to support the ruble

The Russian Central Bank announced on Wednesday a plan to increase its support for the ruble after the national currency experienced a significant decline following 18 months of Western sanctions imposed in response to the military intervention in Ukraine.

The Bank of Russia stated that it will sell 21.4 billion rubles (equivalent to 218.5 million dollars) of foreign currencies in the market daily between September 14 and 22. This amount is ten times greater than what it currently sells on a daily basis.