Since the Ukrainian incursion into the Kursk region at the beginning of August, the ruble has been falling. In recent days, it is still trading at around 100 to the euro, compared to an average of 85 at the beginning of the summer; and yet, this is only the tip of the mysterious iceberg that the Russian economy has become.
Since the beginning of the war and the implementation of financial sanctions, the ruble rate has been controlled and fixed by the central bank. On July 22, the latter even announced that it was suspending the publication of its statistics on the over-the-counter currency market. The official reason given on its website: to limit the estimation of the impact of the sanctions.
