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 Russia Spent $1.75 Billion Over the Last 3 Trading Days to Prop Up Ruble - The Wall Street Journal

The Bank of Russia moved again Tuesday to shore up the ruble, and has spent as much as $1.75 billion over the last three trading days in the heaviest interventions since mid-March.

"Sliding oil prices have hit Russia 's economy hard, given the country's dependence on energy exports. At the same time, sanctions imposed by Western countries over the Ukraine crisis have limited the ability of Russian banks and companies to borrow abroad," writes The Wall Street Journal, Censor.NET reports.

Read also: Russia Will Not Be Able to Replenish Reserve Fund Through Cheap Oil

"On Tuesday, the ruble weakened to a record low as a basket of euros and dollars that the central bank uses as its key gauge of the currency market rose to 44.65 rubles," according the WSJ.

Read also: EU May Need to Increase Sanctions on Russia If Things Get Worse in Eastern Ukraine - Mogherini

"Russia is likely to post economic growth of no more than 0.5% this year, its weakest since 2009, when the economy contracted during the global financial crisis. The weakness in economic growth has been accompanied by large-scale movement of capital overseas -- the total may reach $100 billion this year, according to the central bank. At the same time, the rate of inflation is accelerating because of the ruble's weakness and because Moscow has banned imports of food from countries that have imposed sanctions on Russia," the Wall Street Journal sums up.

Источник: https://en.censor.net.ua/n306076