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The Russian ruble fell to its lowest exchange rate against the US dollar since last April on the Moscow Exchange on Monday. The currency slipped to 78.53 rubles to the dollar in afternoon trading, the weakest rate since late April 2022. The ruble also traded at over 85.34 against the euro.

Waning Western support, heavy losses and lack of battlefield gains have apparently hugely dented the hopes of Kiev and its backers Ukraine is heading towards 2024 with mounting battlefield casualties, a lack of tangible military progress, the now-official failure of its counteroffensive efforts, its ever-widening conscription drive, as well as a shrinking flow of financial…