The value of the Russian ruble is in the toilet, and U.S. Sen. Mark Kirk (R-Ill.) says that’s good. A ruble used to be worth 3.3 cents – that was in February of this year. Now it’s worth 1.8 cents – a loss of 45 percent of its value against the dollar. Kirk says Russia deserves what it’s getting. “We’re gonna see some countries hurt, thankfully Russia. Maybe Russia will realize having such a hostile international policy is the wrong way to go, and Russia will be more susceptible to President Obama’s sanctions, and they will allow some hopeful level of Ukrainian independence,” he said.
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Kirk believes Russian President Vladimir Putin is trying to get the U.S.S.R. back together, starting in Ukraine. The impact on Russian people is less buying power, but Kirk hopes the effect also limits Putin’s options.
One of the big movers of the ruble is the price of oil, which has been dropping for a variety of reasons, one of which is increased U.S. production. Another factor in the decline of the ruble is Western sanctions against Russia, implemented when Russia laid claim to Ukraine.