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The Russian financial crisis (also called the ruble crisis or the Russian flu) began in Russia on 17 August 1998. It resulted in the Russian government and the Russian Central Bank devaluing the ruble and defaulting on its debt. The crisis had severe impacts on the economies of many neighboring countries. Background and course of events [ edit]
Under sanctions put in place after Russia invaded Ukraine on Feb. 24, foreign currency reserves held by the Russian central bank at US financial institutions were frozen. But the Treasury...
Key Takeaways The Soviet Union officially fell on December, 26 1991 when the USSR was dissolved and the communist-era policies of the region ceased. 2 The USSR's weakened military and economy...
The country earned about $63 billion from international oil and gas sales in the third quarter of 2021, the last period for which Bank of Russia figures are available. And, remember, that was...
When Mikhail Gorbachev was named general secretary of the Communist Party of the Soviet Union (CPSU) on March 11, 1985, his primary domestic goals were to jump-start the moribund Soviet economy and to streamline the cumbersome government bureaucracy.
Crippling sanctions have meant that Moscow may have to default on its foreign debts, the first large-scale debt since the aftermath of the 1917 Bolshevik Revolution. Carmen Reinhart, chief...
For over 80 days, Ukraine has successfully defended itself against a much larger Russian army, and now Ukraine President Volodymyr Zelenskyy is convinced victory could soon be near, he said....
The fact that Russia has been forced to suspend foreign payments has happened before - once in connection with the revolution in 1917 and once in 1998. This time, the threat of bankruptcy has been over Russia since last spring. The increasing sanctions against the country have made it more and more difficult to make payments.