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Ruble in trouble: Russian currency plummets amid Ukraine war sanctions

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Ordinary Russians faced the prospect of higher prices and crimped foreign travel as Western sanctions over the invasion of Ukraine sent the ruble plummeting, leading uneasy depositors to line up at banks and ATMs on Monday in a country that has seen more than one currency disaster in the post-Soviet era.

The Russian currency plunged about 30 per cent against the U.S. dollar after Western nations announced unprecedented moves to block some Russian banks from the SWIFT international payment system and to restrict Russia’s use of its massive foreign currency reserves.

The exchange rate later recovered ground after swift action by Russia’s central bank. But the economic squeeze got tighter when the U.S.

fleshed out the sanctions to immobilize any assets of the Russian central bank in the United States or held by Americans. The Biden administration estimated that the move could impact “hundreds of billions of dollars” of Russian funding. Read more: Canada to sanction Putin for Ukraine invasion, Russia warns ‘response will follow’ U.S.

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Untrained foreign fighters urged to steer clear of Ukraine: ‘This is not Call of Duty’
International Legion of Territorial Defence of Ukraine, the official channel for foreign fighters, will only consider recruits with combat experience. The Ukrainian military is now urging those without military experience to stay at home.“Our main priority is combat experience and all of them have to understand their role and place,” Anton Myronovych, a spokesperson for Ukraine’s Armed Forces, tells Global News.“We don’t need mercenaries who think they may make some money or something like that.”This phenomenon has also raised questions about what will happen when these people return home.For Canadian foreign fighters, in particular, Veteran Affairs has said it bears no responsibility for physical or psychological injuries acquired by anyone, since Global Affairs has advised against travel to Ukraine.On February 27, three days after Russia launched its invasion, Ukrainian President Volodymyr Zelenskyy issued a call for foreign volunteers to help fight for his country’s freedom — an international legion that would operate as part of Ukraine’s military.The next day, he signed a decree waiving visas for any foreigners who wished to join the fight and launched a website outlining how to apply to the newly created International Legion.In the month since, thousands of foreigners have applied to be part of the group.
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