The ruble loses value as a result of the Kursk offensive
Early August, Ukrainian troops launched a surprise offensive on Russian territory. According to British reports, this attack caused the ruble to drop for five consecutive days.
The surprise advance of Ukrainian forces in the Russian region of Kursk is putting pressure on the ruble. Since the start of the day, the Russian national currency has depreciated by 2.2 percent to 90.00 against the US dollar, as shown by data from the London Stock Exchange Group.
It has thus given way for five consecutive trading days since the start of the attack on August 6, losing a total of six percent of its value against the US dollar. The Ukrainian push into Kursk is the largest on Russian territory since the start of the war in February 2022.
Russia appeared to be caught off guard. Since then, it has significantly tightened security measures in Kursk, as well as the regions of Belgorod and Bryansk. After evacuations in Kursk, Russian authorities have also begun moving people to safer areas in parts of the Belgorod Oblast.
The Ministry of Defense in Moscow claims to have stabilized the front in Kursk. However, according to Russian war bloggers, fighting continues in at least one part of the region. The situation remains unclear.
The economic instability in Russia is largely attributed to the ongoing confrontation in Kursk, as the depreciation of the ruble is directly linked to the military situation. The economy, particularly the Russian national currency, has been significantly affected by the five-day drop and subsequent devaluation of the ruble following the Ukrainian offensive.
