The ruble weakened to 114 against the greenback earliest this week — hitting its lowest level since March 2022, shortly after Russia invaded Ukraine.

Russia’s economy is taking punches it can’t dodge, with the ruble nosediving to its lowest point in over two years. On Wednesday, the currency crashed to 114 against the U.S. dollar—levels unseen since the early days of Moscow’s invasion of Ukraine.

By Ben Aris in Berlin It’s not often you get to describe central banking decisions as “wild”, but some of the choices being made in Moscow at the moment are completely out of the box. The famed macro-economic management team are making some extreme choices in what may be one of the most audacious experiments ever.