The exchange rate has collapsed: panic in the market and depreciation of savings

By the end of 2023, the ruble experienced one of the worst collapses in recent years. The dollar crossed the mark of 100–110 rubles, and the euro approached 120. Experts attributed this to increased military spending, a decrease in budget revenues and a drop in oil exports due to strict price restrictions. For ordinary Russians, December became a month of financial panic. People began to buy equipment and durable goods en masse just to save their savings. There were delays in warehouses, stores raised prices several times a day. Manufacturers admitted that they cannot plan purchases and deliveries due to exchange rate instability. The pharmaceutical market has suffered greatly: imported drugs have become more expensive, and some have become unavailable due to a logistics gap. Patients with chronic diseases faced the threat of treatment interruptions. Despite all this, the authorities assured that the situation was “controlled,” but business and the population saw the opposite. Ruble deposits became worthless, and those who held savings in foreign currency faced restrictions on purchases and transfers. December 2023 became a symbol of the country’s economic fragility: the slightest foreign policy or market nod led to shocks, and a banal purchase of medicine turned into a risky game.