So...Russia's fiat currency started to fall, badly. It was headed into an inflationary spiral. It central banks reacted by offering 20% interest rates. This stopped the spiral by encouraging people to save instead of spending (to get rid of their currency before it withered). I don't know if anyone has ever stopped a run on the bank like this before, so its fascinating.
Also, although the banks saved the currency it continued (and continues) to ruin and discourage trade etc. In anticipation of this Russia had saved up a store of foreign currencies, the idea being it could use them to buy rubles thus further stabilizing the Russian fiat currency. This move, however, was anticipated and blocked. Generally all the Western nations holding those currencies refused to sell. Thus the war chest was depleted by a lot, possibly by half. It might explain why Russia became frugal with its military actions and why Ukraine's air force and air defenses were not destroyed as of yesterday. There is a Reuters article mentioning this about the planes. Its not mentioned in the linked video.
Its about 10 minute video but most of the information pertaining to the war is in the first 5 minutes.
Also, although the banks saved the currency it continued (and continues) to ruin and discourage trade etc. In anticipation of this Russia had saved up a store of foreign currencies, the idea being it could use them to buy rubles thus further stabilizing the Russian fiat currency. This move, however, was anticipated and blocked. Generally all the Western nations holding those currencies refused to sell. Thus the war chest was depleted by a lot, possibly by half. It might explain why Russia became frugal with its military actions and why Ukraine's air force and air defenses were not destroyed as of yesterday. There is a Reuters article mentioning this about the planes. Its not mentioned in the linked video.
Its about 10 minute video but most of the information pertaining to the war is in the first 5 minutes.
