Ukrainian offensive puts pressure on Russian ruble
The surprising advance of Ukrainian forces into the Russian region of Kursk puts pressure on the ruble. The Russian national currency depreciated by 2.2 percent to 90.00 against the dollar on Monday alone, according to data from the London Stock Exchange Group (LSEG). It has thus lost value for five consecutive trading days since the start of the attack on August 6, and has lost a total of six percent of its value against the dollar.
The Ukrainian push into Kursk is the largest onto Russian territory since the start of the war in February 2022. Russia seemed unprepared for this. Since then, it has significantly tightened security measures in Kursk, as well as in the regions of Belgorod and Bryansk. After evacuations in Kursk, Russian authorities have now also begun to move people to safer areas in parts of the Belgorod Oblast.
While Russia has managed to stabilize the front in Kursk, fighting continued in parts of the region on Monday, according to Russian war bloggers.
The unexpected advance of Ukrainian forces in Kursk is causing significant economic pressure on Russia, leading to a depreciation of the ruble. This pressure on the currency has resulted in a loss of six percent of its value against the dollar in the past five trading days.
