Russian Currency Continues To Tumble

The Russian ruble continued to fall relative to major Western currencies on April 7, reaching more than 90 rubles to the dollar for the first time since April 14, 2022. The ruble has fallen by 5 percent against the dollar and by 13 percent against the euro. Analysts say the decline has been caused by the end of the tax period, during which major economic players were selling Western currencies to pay their tax bills. Bloomberg also connected the decline to news this week that Britain’s Shell Oil has withdrawn from the massive Sakhalin-2 oil-and-gas project. To read the original story from RFE/RL’s Russian Service, click here.