#46 Russian Rouble Crashes

Russian stocks lose £430 billion

Welcome back to another limited edition of Business News for Kids 😔. We cover specific business news about impacts of the Russian invasion of Ukraine, along with our ‘Wait, what is..’ section to ensure learning never stops.

Busy business this week 💼

• The Russian Rouble, Russia’s official currency crashed, dropping 29% 🔻📉 in one day from 1 USD = 89 RUR to 1 USD = 119 RUR. You might be thinking didn’t that increase 🤔? Not at all because you now need more Roubles to buy the same amount of US Dollars 🤷. Hence we can say the Rouble depreciated in value or dropped in value.

• At the time of writing this newsletter 1 Rouble was = 0.0081 US Dollar i.e. way cheaper than 1 Dodgecoin 🐶 🪙 = 0.12 USD.

• The Moscow Stock exchange, Russia’s main stock market, dropped 45% in one day while Russian companies listed in the UK dropped as much as 98% losing £430 Billion. 🔥

• The EU, UK and US extended sanctions against Russia to Russian oligarchs banning their travel to these countries and even seizing property like their yachts 🛥.

Wait, what is..

Currency Depreciation: a drop in value of one currency versus others. Read all about it here.
Oligarchs: Businessmen that built their businesses on top of the collapsing USSR or the Soviet Republic, and profited from private partnership deals with the Russian government, especially in their dealings with Oil 🛢. Revise Economic sanctions.

Take care. See you next week. Pray for Ukraine and for Russian citizens. 🙏