The Russian ruble has dropped to its lowest level in over two years, triggering fears of stagflation and economic instability in the country. Amid increasing sanctions and pressure on the war economy, President Putin has attempted to reassure the public that there is no need to panic, even as analysts warn that the situation is dire. The plunge of the ruble has sparked outrage over soaring food prices and has disrupted foreign trade, leading to cancellations in fruit exports to Russia. In response, the Bank of Russia is under pressure to implement sharp interest rate hikes and has intervened in the market, though some officials maintain that no emergency steps are required. As the ruble tumbles further, the Kremlin faces a difficult challenge in stabilizing both the currency and the economy amidst a backdrop of international sanctions and declining foreign exchange sources.