The Russian ruble is under huge selling pressure amid a new round of sanctions against Moscow announced by the US last week and the escalating Syria crisis which caused the Russian currency to levels last seen in 2016.
Russian President Vladimir Putin has marked the fifth anniversary of the annexation of Crimea with a visit to the region. Moscow is making a show of its efforts to improve infrastructure on the Black Sea peninsula.
Every war has economic impacts. Escalating the conflict in Syria, a multi-sided proxy war involving multiple regional and global powers, will have broad consequences. Higher oil prices may be among the outcomes.
The Russian government has said it will further decrease its investment in the US economy as new sanctions loom. It added that for the time being, no US company active in Russia would be shut down.
Black Monday was followed by an even blacker Tuesday. Sparked by new US sanctions, Russia's stock market looks unlikely to recover from its crash anytime soon. What does it mean for everyday people?
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