Russian Man Caught On Video Throwing Cash Into The Air As Ruble Tanks In Value
As the Russian economy continues to buckle under the weight of global sanctions, footage seemingly taken at a shopping centre summed up how one man felt about the financial crisis.
In the clip, the man can be seen throwing what appears to be money into the air and letting it flutter down on shoppers below, quite literally making it rain with cash.
Russian man throwing money in a shopping mall because the ruble is effectively worthless. Rubles to rubbles#Ukraine️ #UkraineRussiaWar #UkraineUnderAttack
— Chilly Chills (@WeeliyumF) March 11, 2022
Love how nobody even tries to grab any of it. pic.twitter.com/WSGwAzxzPe
Usually when someone starts flinging money about you'd expect to see a frenzied, mad grab for cash, but the raining rubles are barely even noticed by shoppers - perhaps because it is now effectively worthless in the global market.
The value of Russia's currency has tanked after President Vladimir Putin ordered Russian troops across the border into Ukraine, with economists fearing the nosedive will trigger an economic collapse.
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Latest figures indicate one ruble is currently equivalent to £0.0058, or AUD$0.0010, and it shows no signs of regaining value anytime soon.
This is probably why the exasperated shopper appeared to give up on the currency altogether.
In an attempt to halt the decline of the ruble, the Russian Central Bank restricted customers from withdrawing US dollars.
The bank issued an order which stated that owners of foreign-currency accounts were only allowed to withdraw up to $10,000, and any more money must be taken out in rubles.
The totality of our sanctions is crushing the Russian economy.
— President Biden (@POTUS) March 11, 2022
The ruble has lost more than half its value.
The list of private businesses leaving Russia is growing by the day.
New foreign-currency accounts are still permitted to be opened, but only rubles can be withdrawn, The New York Times reports.
In establishing the order, which will remain in place until September 9, the bank seemingly hopes to curb the ability of customers converting the rubles into other currencies in a bid to support its own.
The move to stabilise the ruble comes as sanctions clamp down on Russia, with finance giants Visa and Mastercard pulling their services for Russian citizens.
The move has come as an upset to Russian nationals on holiday overseas, who have been left stranded without access to cash.
Speaking to the Reuters, 27-year-old Bali tourist Konstantin Ivanov revealed he hasn’t been able to access money for days.
He said: “This has created a huge problem for us... we have been left completely stripped of our finances.
Russia has suspended the sale of foreign currencies until September 9, the central bank said Wednesday.
— Anders Åslund (@anders_aslund) March 8, 2022
Between March 9 and September 9 "the banks will not be able to sell foreign currencies to citizens." (AFP)
All ruble convertibility is over. Putin has destroyed the ruble.
“It's like they have been completely frozen and we cannot use our finances over here.”
A growing number of businesses are cutting ties with Russia in the wake of Vladimir Putin's invasion as many countries have imposed tough economic sanctions.
Apple, Microsoft, PayPal, McDonald's and even IKEA are among the businesses which Visa and Mastercard have joined in their boycott of Russia as the conflict continues.
Visa chief executive Al Kelly said the company felt 'compelled to act' after 'Russia's unprovoked invasion of Ukraine', while Mastercard described the current conflict as 'shocking and devastating'.
If you would like to donate to the Red Cross Emergency Appeal, which will help provide food, medicines and basic medical supplies, shelter and water to those in Ukraine, click here for more information.
Rachel Lang