Russian Ruble Plunge Hurting Chinese Companies: Report [Video]

The plunging value of the Russian currency, the ruble, has caused exporters in China to suspend sales on Russia’s e-commerce platforms, it has been reported.

The ruble hit a 32-month low this week of 114 to the U.S. dollar, prompting Russia’s Central Bank to halt foreign purchases on the domestic currency market for the rest of the year.

New U.S. sanctions against Russia’s Gazprombank, which had been used for foreign purchasers of Russian gas payments, were the latest economic blow to Russia amid ongoing financial punishment for Vladimir Putin‘s full-scale invasion.

The weaker ruble has also caused jitters among exporters in China, which has become Russia’s main trading partner after sanctions dried up other markets. Chinese exporters are concerned about losses in doing business with Russia and have suspended sales on Russian e-commerce platforms, according to The South China Morning Post.