What Russia's Crumbling Ruble Means for U.S. Companies & Global Markets
Russia could be on the brink of economic collapse as its currency, the ruble, takes a nose dive, prompting the Central Bank of Russia to raise interest rates.
Russia could be on the brink of economic collapse as its currency, the ruble, takes a nose dive, prompting the Central Bank of Russia to raise interest rates by 650 basis points to 17% in a surprise move on Monday night. The currency has been falling as oil reaches a new five and a half year low. Oil prices and the value of the ruble move in tandem and with no rally on the horizon for oil, the economic crisis in Russia is set to worsen. TheStreet's Scott Gamm speaks with Jan Randolph, director of sovereign risk at IHS Global Insight to discuss what the crumbling ruble means for American companies, global markets and the Russian/Ukraine conflict.
