The Russian ruble fell to a value of 80.179 against the U.S. dollar during afternoon trading on the Moscow Exchange, dragged to a record low by a 3.2 percent fall in global oil prices on Wednesday, the Interfax news agency reported.
On Wednesday, futures for Brent crude oil — the global price benchmark — continued a downward plunge to less than $28 dollars, the TASS news agency reported. The drop also drove the Russian currency's value against the Euro to 88.14 rubles
The previous record low for the ruble came on December 16, 2014, when the currency fell to 80.1 to the dollar, according to Interfax.
Oil prices have been steadily decreasing since the summer of 2014, but the lifting of international sanctions against oil-producing Iran on Jan. 16 has accelerated the fall. On Monday, Iran announced it will increase oil output by 500,000 barrels a day, Reuters reported.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.