MOSCOW, Dec. 26 (UPI) -- The value of the Russian ruble fell Friday after a week of gains, losing 2.5 percent to close at 53.88 to the dollar at the end of trading in Moscow.
Russian Finance Minister Anton Siluanov said the ruble would stabilize in the new year, after the Christmas and New Year holidays, admitting Friday Russia would need to adjust to "new economic realities." Only a few weeks ago Moscow downplayed the effects of a fall in the price of oil, Russia's foremost export, and the impact of Western sanctions.