• iconNews
  • videos
  • entertainment
  • Home
  • News
    • UK News
    • US News
    • Australia
    • Ireland
    • World News
    • Weird News
    • Viral News
    • Sport
    • Technology
    • Science
    • True Crime
    • Travel
  • Entertainment
    • Celebrity
    • TV & Film
    • Netflix
    • Music
    • Gaming
    • TikTok
  • LAD Originals
    • Say Maaate to a Mate
    • Daily Ladness
    • Lad Files
    • UOKM8?
    • FreeToBe
    • Extinct
    • Citizen Reef
  • Advertise
  • Terms
  • Privacy & Cookies
  • LADbible Group
  • UNILAD
  • SPORTbible
  • GAMINGbible
  • Tyla
  • UNILAD Tech
  • FOODbible
  • License Our Content
  • About Us & Contact
  • Jobs
  • Latest
  • Topics A-Z
  • Authors
Facebook
Instagram
X
Threads
Snapchat
TikTok
YouTube

LAD Entertainment

YouTube

LAD Stories

Submit Your Content
Russia's Economy On Verge Of Collapse As Ruble Tanks Even Further

Home> News

Updated 00:56 9 Mar 2022 GMTPublished 00:57 9 Mar 2022 GMT

Russia's Economy On Verge Of Collapse As Ruble Tanks Even Further

Russians are fleeing the country in droves as sanctions lead to closed borders, food rationing, and the threat of a banking collapse.

Rachel Lang

Rachel Lang

Russia's economy is crumbling under the weight of Western sanctions, with the ruble plummeting to a record-low this week.

The Russian ruble has lost nearly 50 per cent of its value since the beginning of 2022 and with the Ukrainian invasion has accelerated the nation's economic plunge.

One Russian ruble is now worth less than an American penny - or 11 cents AUD.

Advert

Russian billionaire Oleg Deripaska - who has been targeted by individual sanctions in the past - told Forbes that the Russia is facing an economic catastrophe similar to 1998.

The 1998 collapse resulted in the Russian government and the Russian Central Bank devaluing the ruble and defaulting on its debt, which had significant economic impact on neighbouring nations.

“Multiply that (the 1998 collapse) times three,” Oleg Deripaska said.

As the Russian economy teeters on the brink, major companies such as McDonald’s, Pepsi, Coca-Cola and Starbucks are boycotting Russia by suspending trade in the country.

As the crisis deepens, Russians are now fleeing the nation in droves via train, plane, or even on foot as the threat of economic collapse looks imminent.

Advert

Western sanctions have already led to closed borders, and fears of food rationing are on the rise.

Russian environmental journalist, Alec Luhn, tweeted: "I've left Russia amid reports martial law could be declared and borders closed.

"Tickets mostly sold out. Packed flight.

"Other passengers said they were afraid to be trapped in Russia... [and they] don't know if they'll be able to return."

The Russian ruble is collapsing.
Google Currency Converter

Advert

Russians who do not have European visas are fleeing to Georgia, Armenia and Turkey, where a Russian dissidence is steadily growing.

For Russians who are able to leave to Europe, many are crossing the land border to Finland or to the Baltic states.

Train fares to Helsinki have also soared in price as desperate Russians try to flee the nation.

Last Thursday, train tickets from St Petersburg for the Finnish capital came at an eye-watering price, according to the Express.

At the time, the RussianTrain website was quoting fare costs of AUD$10,072.06 to a whopping AUD$13,607.43 for the three-hour journey.

Despite the incredible cost, Helsinki train station was still packed with Russian passengers escaping the country.

Advert

"We decided with our families to go back as soon as possible, because it's unclear what the situation will be in a week," Moscow resident Polina Poliakova told AFP.

Today (March 9), the RussianTrain website will not give online quotes as 'online sales are currently unavailable for this route'.

Featured Image Credit: Pablo Avanzini/Agencja Fotograficzna Caro/Alamy Stock Photo

Topics: Russia, Ukraine, Vladimir Putin, News

Rachel Lang
Rachel Lang

Rachel Lang is a Digital Journalist at LADbible. During her career, she has interviewed Aussie PM Malcolm Turnbull in the lead up to the 2016 federal election, ran an editorial campaign on the war in Yemen, and reported on homelessness in the lead-up to Harry and Meghan’s wedding in Windsor. She also once wrote a yarn on the cheese and wine version of Fyre Festival.

X

@rlangjournalist

Advert

Advert

Advert

Choose your content:

4 hours ago
5 hours ago
6 hours ago
7 hours ago
  • 4 hours ago

    How long it takes brain to return to normal dopamine levels after substance abuse

    Alcohol and drugs can do serious damage to your brain but how long does it take for the organ's dopamine levels to return to normal?

    News
  • 5 hours ago

    Aviation experts identify potential cause of Air India crash that crashed with 242 on board

    An investigation into the crash is currently underway

    News
  • 6 hours ago

    Medical report claims Brit mum whose 'heart went missing' after mysterious death died from food poisoning

    The mum-of-two died while on a family holiday in Turkey

    News
  • 7 hours ago

    Diddy's son could be thrown out of court over T-shirt he wore to trial

    People aren't meant to wear clothes with slogans on them in court

    News
  • Ukrainian Spy Chief Suggests Russia's Invasion Will Only End With Putin's Death
  • One Of Russia's Most Advanced Tanks Has Been Destroyed Just Days After Being Deployed
  • Ukrainian Man Run Over By Armoured Vehicle Says He'll Join Army As Soon As He Can Walk Again
  • ‘One Of World’s Deadliest' Snipers Who Fought In Afghanistan And Iraq Arrives In Ukraine