By Miriam Raftery

Photo: Russian President Vladimir Putin, CC by SA via Bing.

February 28, 2022 (San Diego) -- The war in Ukraine has captivated attention around the world and drawn near-universal condemnation of Russia for launching the unprovoked invasion in violation of international law. Today, CNN reports that Russia is facing a financial meltdown due to crushing impacts of new Western sanctions imposed over the weekend by the U.S. and allies.

With the Russian economy in freefall, Russian President Vladimir Putin ordered his nuclear forces into “special combat readiness,” the New York Times reports.

The ruble, Russia’s currency, fell 40% at one point Monday morning, while interest rates shot to an all-time high of 20% and savers rushed to withdraw money out of banks in Russia as well as European subsidiaries of Russia’s biggest bank. The ruble also lost 25% of its value compared to the dollar, CNN reports.