International

How Russia’s Ruble Came Roaring Back After Biden Ridiculed It As ‘Rubble’?

In the immediate aftermath of Russian invasion of Ukraine, the collapse currency Ruble became symbol of Russia’s newfound financial isolation.

Triggering memories of the battering it took during the 1998 Russian financial crisis, it sunk as low as 121.5 rubles per dollar, as international community rushed to sanction the Putin-led regime for the ‘war on Ukraine’. 

Things looked so dismal that the US President Joe Biden said the ruble had been reduced to “rubble.”

However, the remark by Biden wasn’t true in its entirety, and it was proved in the following days. On Wednesday, closing at 79.7 in Moscow, the ruble has surged all the way back to where it was before Putin invaded Ukraine. 

This development has proved that sanctions imposed by international community against Russia and its oligarchs, with businesses shutting down their operations in the country has proved out to be toothless moves. The reason for the same is foreigners guzzling Russian oil and natural gas — supporting the ruble by stocking Putin’s coffers.

Bloomberg Economics, despite Russia being mostly cut off otherwise from the global economy, expects the country will earn nearly $321 billion from energy exports this year, up more than a third from 2021.

Even as Putin’s military gets bogged down in Ukraine and outrage mounts across the globe over atrocities it’s committed, the rapid ruble recovery gives Putin a major victory back in Russia, where many people fixate on the currency’s ups and downs. 

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National

Case Against BJP’s Kirit Somaiya, His Son For Swindling ₹ 57 Crore Collected To Save INS Vikrant

Ashmita Chhabria

Mumbai: A case of cheating has been registered against Maharashtra BJP leader Kirit Somaiya and his son Neil. An official said on Thursday that Mumbai Police registered case against them for alleged swindling of over ₹ 57 crore funds collected to save aircraft carrier INS Vikrant. 

The case was filed on the basis of a complaint filed by a former Army Personnel. The case has been registered on Wednesday evening at Trombay police station at suburban Mankhurd, he said.

Indian Navy Ship Vikrant was a Majestic-class aircraft carrier of the Indian Navy. The ship was laid down as HMS Hercules for the British Royal Navy during World War II, but was put on hold when the war ended. It had played a key role enforcing the naval blockade of East Pakistan during the Indo-Pakistan War of 1971.

The complaint stated that a campaign raising funds for INS Vikrant was started by Kirit Somaiya. The former Army Personnel said that he had given donations to Kirit Somaiya for saving the ship and the BJP leader had collected more than ₹ 57 crore for the purpose. However, he alleged that BJP leader didn’t deposit the amount to the Maharashtra governor’s secretary office, instead he swindled the funds. 

On Wednesday, to raise the issue, local Shiv Sena leaders had met with the police authorities.

Based on the complaint, a case under Indian Penal Code (IPC) sections 406 (criminal breach of trust), 420 (cheating) and 34 (common intention) was registered against Kirit Somaiya, his son Neil and others, the police official said.

On Wednesday, Shiv Sena MP Sanjay Raut had accused Kirit Somaiya for swindling off ₹ 57 crore collected from the people under the fund raising campaign for saving INS Vikrant.

Rejecting the allegation, Kirit Somaiya had said that if Sanjay Raut has any evidence, he should hand it over to Chief Minister Uddhav Thackeray.

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