The Russian ruble (RUB) experienced further depreciation yesterday, plunging beyond the significant threshold of 100 against the USD, a level unseen since March of the previous year. Despite the central bank’s decision to suspend its FX acquisitions on the domestic front for 2023, the RUB’s downward trajectory persisted. To date, the RUB has witnessed a depreciation of 26% this year. Moscow has grappled with a budget deficit for eight consecutive months as the nation strives to support an economy burdened by dwindling export earnings and its detachment from global financial markets.