How the rest of the world is denting Russia’s economic armor - a podcast by Marketplace

Russia’s currency – the ruble – hit a record low this morning. It’s now worth about 1 cent. The country’s central bank hiked interest rates to 20% percent to try to combat the depreciation. This comes after nations around the world hit Russia with new sanctions over the weekend to punish it for the ongoing invasion of its neighbor Ukraine. Among those sanctions is some Russian banks being cut off from the SWIFT interbank messaging system, a move that nullifies those banks’ abilities to execute transactions. We spoke to Emily Kilcrease, a senior fellow at the Center for a New American Security about the toll that will take on Russia as a whole.

Give today to support Marketplace Morning Report.

Further episodes of Marketplace All-in-One

Further podcasts by Marketplace

Website of Marketplace