Over the past couple of weeks, the value of the Russian ruble dropped steeply, shedding nearly twenty percent of its initial value. It seems clear that this decline is due to a combination of a sharp drop in the price of oil and economic sanctions imposed upon the country by the West in retaliation for President Vladimir Putin’s aggressive actions in the Ukraine and Crimea.
What does this mean for Russia’s economy in the short and long term? And who will be hit hardest by the drop?
I spoke to Benjamin Cohen, Professor of International Political Economy at the University of California, Santa Barbara.