Russia’s ruble hits its lowest level since early in the war. The central bank plans to step in

By EMMA BURROWS
Associated Press

LONDON (AP) — The Russian ruble has reached its lowest value since the early weeks of the war in Ukraine as Moscow increases military spending and Western sanctions weigh on its energy exports. It led Russia’s central bank to announce an emergency meeting for Tuesday to review its key interest rate. The Russian currency had passed 101 rubles to the dollar Monday, continuing a more than one-third decline in its value since the beginning of the year. But it recovered slightly after the central bank’s announcement. President Vladimir Putin’s economic adviser blamed the weak ruble on “loose monetary policy.” In a piece for news agency Tass, he said it “complicates economic restructuring and negatively affects people’s real incomes.”