Russian Ruble Tumbles

“The battered ruble plunged to a record low against the dollar again Tuesday [80 Rub to $1 USD], as investors grew convinced that the Russian central bank’s surprise move overnight to jack up interest rates to 17% wouldn’t be enough to alleviate the pressure on the currency from falling oil prices and western sanctions” (Wall Street Journal, December 16, 2014). Just a year ago, the ruble was trading at about 33 rubles to one U.S. dollar, and the recent crash of the ruble has Russians withdrawing their savings in dollars and euros (ibid.). 

While some think that the financial pressures may cause Russia to reverse its intrusion into Eastern Europe, others believe the financial pressure could push Russia to take an even more aggressive approach toward its former satellite countries (Wall Street Journal, December 16, 2014). The ruble’s decline could have ripple effects through the global economy and could curtail natural gas flow to Europe (ibid.). The future of Russia will be interesting to watch as geopolitical and economic forces play out.

Bible prophecy indicates that Russia will probably play a major role in the last days when “kings of the east” launch an attack on the European Beast power at the time of Christ’s return (Daniel 11:44).

For more on this topic, read our informative article, “Who Will Invade the Middle East?”