The primary source of the recent ruble collapse has almost certainly been the falling international oil price, aggravated by some other features of Russian politics and its economy.
Petroleum products account for over half of Russia's export revenue, and most remaining export revenue comes from other commodities, whose output it cannot easily adjust. When ...
The answer by nominally rigid very correctly hints at oil prices as one of the major causes. I'd add more details and numbers to this point. A slightly longer version is available here.
1. Russian corporations borrowed in foreign currency when external debt was cheaper than domestic debt
Paul Krugman pointed at the PPP vs exchange rate changes. I've made a ...
The answer is very clear when you look at Russia's monetary statistics. The Central Bank of the Russian Federation has a very good site, and you can see them here:
Russian Money Supply (M2)
or courtesy of the St. Louis Federal Reserve:
They provide the annual expansion rate which is nice. Historically, Russia's money supply has always been an extreme ...
Russia has been ramping up its production of oil since late 1990s after it defaulted on its debt. It has been maintaining positive trade balance since then.
Also, notice in the above graph, Russia has had current account surplus for a long time. It is somewhat similar to saying that Russia has been a net lender to the rest of the world. The current account ...
russia uses its oil revenue to setup russia stabilization fund in 2004. The money in that fund is used to pay for national budget deficit. The foreign exchange reserve of Bank of Russia is not affected by the US led sanctions.
This website (in Russian) states that, in 1825,
you could sell 1 Imperial Ruble and get 0.72 US dollars. I don't know Russian so I cannot tell the source of that data.
Those 0.72 US dollars in 1825 are worth US$15.49 in 2016, according to this website.
Therefore, 1 Imperial Ruble of 1825 was equivalent to US$15.59 in 2016.
Additionally, this website has ...