The ruble plummeted against the dollar in overnight trading. The dive shows that the United States, the European Union and the United Kingdom will cause massive pain to Russia's economy and people. Get market news that is relevant to you. You can subscribe for free. According to data from FactSet, the ruble was down by 25% against the dollar in New York. The currency has fallen more than 40% since the beginning of the year. There is a line between economic and psychological warfare when it comes to a blow like this. Much of the ruble-based savings in Russia's banks are at risk. Rates of inflation are already high in Russia. It drives people to withdraw their cash in a single transaction and then try to convert it to a more stable currency, such as the dollar, the euro, gold or even cryptocurrencies. As global investors pull back in horror at the idea of lending to banks or countries that use a currency that could become worthless, interest rates go up. Stagflation occurs when high interest rates slam the brakes on the economy, throwing people out of work just as prices soar. I feel sympathy for the Russian people who are dealing with this. They are suffering for the actions of a leader. The global markets are likely to be affected by an economic shock. The move out of risky markets to the safety of government bonds appears to have been made by investors. When stock trading starts in New York, futures markets are expecting a tumble open. As investors rush to buy Treasury bonds, the prices are sharply higher. There is a chance that a financial player will not be able to absorb a shock like this. Long-Term Capital Management, a hedge fund, was killed in 1998 when the Russian government failed to pay on its bonds. Do you like this article? You can get more from Axios for free. Chinese Foreign Minister Wang Yi said on Monday that China is willing to work with the United States on a global infrastructure plan and welcomes Washington to join the Belt and Road Initiative. The Group of Seven richest democracies, consisting of the United States and its allies, proposed the B3W initiative in June to help developing countries meet infrastructure needs. Ursula von der Leyen said the EU had a process with Ukraine, but did not specify a time frame for when the country would join. Put your ideas into action with the cloud products and services from Microsoft. Alexander Mikheev, the CEO of Russian arms company Rosoboronexport, is said to own a yacht with an estimated value of $8 million. For the first time, the US has approved direct delivery of missiles to Ukraine as part of a package approved by the White House. Remember that Donald Trump tried to get officials to dig up dirt on the Bidens? Take a look at the finest cars of the golden age. 65.2% of those who took part voted in favor, according to the agencies. The result was not much of a surprise because of the tightly controlled rule of Alexander Lukashenko. After the fall of the Soviet Union, the country gave up its nuclear weapons, but the new constitution could see them again. H.R. McMaster, who served as former President Trump's national security adviser, said that Russian President Putin got more than he bargained for when he invaded Ukraine last week. He is in a very difficult position. Moscow has publicly acknowledged that Russian troops have been killed in action in Ukraine, marking the first time the Kremlin has admitted to casualties among its army. The s. There are 30 hilarious photos of things that happen only in China. Putin co-authored a book in 2004 called "Judo: History, Theory, Practice." The governor helped create a commission that advocated for education-centered solutions to systemic change. A translator broke down in tears while interpreting a speech by Ukrainian President Volodymyr Zelensky for a German news outlet. Russia needs to... The tech mogul replied to the Russian, who asked who would save the International Space Station. 44 soldiers from a mechanised infantry battalion from Norway will join the alliance's enhanced forward presence battlegroup in Lithuania. Three of the CV90 infantry fighting vehicles were transported by a separate plane. The European Central Bank said on Monday that several European subsidiaries of Sberbank Russia, majority owned by the Russian government, are failing or likely to fail because of the war in Ukraine. Sberbank Europe AG, along with its Croatian and Slovenian units, had total assets of over 13 billion euros at the end of last year. Europe's Single Resolution Board will assess whether it was in the public interest to save the banks after they enforced a payment moratoria. The AirMini AutoSet is the world's smallest CPAP. For a limited time, you can get a free prescription for the AirMini. The Los Angeles Lakers lost another game last week to the Los Angeles Clippers. ABC News contributor Elizabeth Neumann and ABC News national security and defense analyst Mick Mulroy discuss Putin's recent orders to Russian troops. Following consultation with local authorities, the tech giant disabled tools that provide live details on traffic conditions and how busy places are. You can subscribe for free. Few know that Amazon has millions of Prime subscribers. Ramzan Kadyrov, the leader of Russia's Chechnya region and an ally of Russian President Vladimir Putin, said on Saturday that Chechen fighters had been deployed to Ukraine and urged Ukrainians to overthrow their government. In a video posted online, Kadyrov boasted that Chechen units had so far suffered no losses and said Russian forces could easily take large Ukrainian cities, but that their task was to avoid loss of life. Kirstie Alley wrote on Friday that she was being quiet about Russia, after she deleted a now- deleted message about the conflict. European Commission President Ursula von der Leyen said on Sunday that the European Union will ban Russian media outlets. von der Leyen said that Russia Today and Sputnik will no longer be able to operate because of the EU ban.Axios
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