Russian Ruble Struggles Due to Low Oil Prices and Western Sanctions

Across Russia, consumers flocked to stores Wednesday, frantically buying a range of big-ticket items as they looked to pre-empt price rises following the staggering fall in the value of the ruble over recent days. The ruble has lost 15 percent of its value this week as traders fretted over the impact of low oil prices on the Russian economy, as well as the impact of Western sanctions imposed over Russia's involvement in Ukraine's crisis. One German government official said the economic crisis in Russia was largely the result of the drop in oil prices, not the sanctions imposed by the West. The ruble could come under further pressure this week as President Obama is expected to sign legislation authorizing new economic sanctions on Russia.