**Russia’s Ruble Weakens Against US Dollar**
The Russian ruble has fallen to a new low against the US dollar. This is due to the US imposing sanctions on 50 Russian banks, including Gazprombank.
These sanctions were announced by the US Treasury Department on November 21. They target not only Gazprombank but also securities registrars and financial officials. This move was expected to weaken the ruble, which has now hit 108 against the US dollar in early morning trade.
**Impact on Russian Economy**
Gazprombank plays a crucial role in international payments for Russian oil and gas. It serves as the main conduit for energy-related payments from European countries. With this channel closed, it will be harder for Russia to receive foreign currency revenue. This could lead to a further weakening of the ruble above 100 against the US dollar.
**Gazprombank’s Multiple Roles**
The bank is partially owned by Gazprom, Russia’s state-run energy giant. It also handles military equipment purchases and payments to soldiers and families affected by the war in Ukraine. These multiple roles make it an important part of Russia’s economy.
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