The Russian ruble is in a spiral and Prigozhin’s march has pulled it down

The value of a coin is linked to trust, and after the Wagner rebellion and the many unresolved questions about the dynamics of events and the real destiny of Evgeni Prigozhin confidence in Russia’s currency collapsed. The repercussions of the events of June 23 have added to the consequences of Western sanctions by doing lose 6 percent of the ruble’s value in two weekscarrying it at the levels lowest since the start of the Russian invasion of Ukraine. Yesterday morning for the first time since the end of March 2022 (the first month of the war) the exchange rate with the euro exceeded 102 rubles, an increase of more than 3 percent compared to Thursday. The dollar reached 93.3 rubles, strengthening by more than 2.5 percent.