Exactly 3 months ago, the Russian president approved to begin one of what is known as the biggest wars in Europe against Ukraine. Live were lost, and schools, hospitals, properties, and services were damaged and put on hold as people fought for their lives. On social media, it trended like there wasn’t tomorrow, I saw videos of foreigners leaving the country, the women and children were allowed to leave while the men above 18yrs stayed back to fight for their country.
sourceAs stated above, lives were lost, and properties were damaged but 95% of the rest of the world stood with Ukraine against Russia. After a few weeks of damage, the people of Ukraine got donations which were made possible via Blockchain. This isn’t the point of this blog. So, we aren’t going to talk much about how Blockchain was utilized.
However, after the European Union saw the side effect of Russia’s military invasion, they immediately proposed to sanction Russia. The proposal includes;
- Phasing out EU imports of Russian oil crude oil
- Disconnecting Russia's largest bank
- Cutting off three of Russia's state-owned broadcasters.
Immediately after all of the above was proposed, Russia Ruble’s price took a U since then.
It’s been 3 months now but the War hasn’t yet ended. The only thing that has changed since then is the trend. I rarely see any tweet that talks or care about the war. This proves that everything will surely come and go.
Surprisingly, one other thing that has changed since, is the price of the Russia Ruble. The Russian ruble rallied to its strongest levels against the euro and dollar since June 2015 and March 2018 respectively on Friday, which analysts attributed to EU countries preparing to pay Russia for gas and to capital controls imposed by Moscow.
I’m not a citizen of Ukraine, Russia, or any country in the EU. But I’m imagining how glad the people of Russia would be seeing how greatly their currency had done. Also, how disappointed the citizens of Ukraine would feel knowing the sanction made their oppressor’s country stronger.
As stated, the war is still ongoing and lives are being lost on a daily. What do you think would happen to these countries' currencies before the year ends?
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