The Russian rouble will strengthen when temporary speculative factors and market nervousness are gone, but the economy will need to adapt to new U.S. sanctions targeting the banking sector, Economy Minister Maxim Reshetnikov said on Friday.

President Vladimir Putin said there isn’t any reason for Russians to panic after the currency fell to its lowest level since the days following Moscow’s invasion of Ukraine.

The rouble has dramatically lost value, and Russians are worried about food prices and are now openly criticising Putin's officials. "We would like to see Russia descending into the abyss of an economic crisis,

Russia is facing a major economic setback as its currency, the ruble, continues to fall sharply. In just one week, the ruble has dropped by 7%, and in the past month, it has lost about 15% of its value.