The ruble’s in a slump. For the Kremlin, that’s a two-edged sword

AP Business Writer

Russia’s ruble is sagging against other currencies, complicating the Kremlin’s efforts to keep consumer inflation under control with one hand even as it overheats the economy with spending on the war against Ukraine with the other. Over time a weaker ruble could mean higher prices for imports from China, Russia’s main trade partner these days. President Vladimir Putin says things are under control. One wild card is sanctions against a key Russian bank that have disrupted foreign trade payments. If Russia finds a workaround for that, the ruble could regain some of its recent losses.