The Russian ruble fell below 62 a dollar for the first time in over two months on Wednesday, after President Vladimir Putin ordered Russia’s first mobilization since World War II, placing the country’s people and economy on a war footing as Moscow’s invasion of Ukraine escalates.
Putin, in a pre-recorded television announcement, again accused Western nations of starting a proxy war with Russia, saying that the West “wants to destroy our country” and claiming that the West had tried to “turn Ukraine’s people into cannon fodder,” as translated by Reuters.
Without giving much details, Putin stated that “mobilization events” will begin on Wednesday, and that he had ordered more funds to be spent on increasing Russia’s weapons production.
Although the exact meaning of a partial mobilization is unclear, it may suggest that Russian companies and residents must make greater contributions to the war effort. Russia invaded Ukraine in February, but it has not officially declared war on the country. Instead, it labels the invasion a “special military operation.”
The ruble was 2.3% down at 61.97 to the dollar at 13:43 Thai time, having dropped as low as 62.6125, its lowest position since August 1.