Russia’s ruble has tumbled. What does it mean for the wartime economy?

The Russian ruble has fallen a long way in recent months, and the country’s central bank is stepping in to halt the slide. It also wants to stop the inflation that a weaker currency can cause. Russia’s currency is down because Moscow has been earning less from selling oil abroad, a result of Western sanctions over the invasion of Ukraine. It’s also importing more goods. Until now, the ruble’s slide had some benefits for the government because a lower exchange rate means more rubles per dollar of oil earnings. But a lower ruble also threatens higher inflation and can undermine Russia’s narrative of stability. Analysts say the Kremlin feels the slide has gone far enough.