The Russian ruble fell Thursday to its lowest level in a year as Moscow’s weakening oil revenues and fears over capital flight weigh on the currency, the Wall Street Journal reported. The ruble was recently down 1.7% against the U.S. dollar and was on track for its lowest closing level since April 21, 2022, with 81.6 rubles buying $1. The currency has fallen 4.4% this week against the dollar and 5.2% against the euro. The ruble’s weakness runs counter to a broader trend among global currencies, which have gained against the dollar in recent weeks.
President Biden and his top officials vowed this week to introduce additional sanctions aimed at impeding Russia’s war efforts against Ukraine. But the administration’s focus is increasingly shifting to the role that China has played in supplying Russia with goods that have both civilian and military uses, the New York Times reported. As one of the world’s biggest manufacturers of products like electronics, drones and vehicle parts, China has proved to be a particularly crucial economic partner for Russia. Beijing has remained officially unaligned in the war.