Putin Addresses Ruble Weakening Amid Ukraine Conflict

President Vladimir Putin, speaking at Russia's Eastern Economic Forum in Vladivostok, addressed concerns about the depreciation of the Russian ruble, attributing it to the economic challenges posed by the ongoing Ukraine conflict and rising inflation. Putin acknowledged the complexity of the issue, stating, "This matter necessitates thorough examination by the central bank, the Russian government, and financial authorities." He continued, "However, I don't believe that there are insurmountable problems or difficulties in the overall context." The Russian leader has consistently sought to downplay the impact of Western sanctions on Russia's economy since the deployment of Russian forces to Ukraine last year. Despite these efforts, the ruble has depreciated by approximately 30 percent against the US dollar since the beginning of the year. This decline is primarily attributed to falling export revenues and increased military expenditures resulting from the Ukraine conflict. Russia has also experienced a significant reduction in revenue from oil and gas sales due to Western sanctions and the European Union's efforts to reduce energy dependence on Moscow. These challenges underscore the economic strain faced by Russia as it navigates the repercussions of its actions in Ukraine and grapples with a rapidly changing global energy landscape.