Vladimir Putin’s streak of good fortune seems to be fading, with the ruble’s value plummeting below the one-cent mark against the U.S. dollar. This marks the lowest point since the outset of his involvement in the conflict in Ukraine.

The Russian leader, who recently confronted a coup attempt in June, had previously touted the robustness of his currency in the face of sanctions, using it as a propaganda tool to portray Western economic retaliations as ineffective.

After over 500 days since his military intervention in Ukraine, it appears that the esteemed governor of Moscow’s central bank, Elvira Nabiullina, can no longer conjure up miracles to prop up the ruble for her superior, Yahoo Finance reports.

Under Nabiullina’s stewardship, the ruble, which she manages, has breached the crucial psychological barrier of 100 to the U.S. dollar. As of Monday, its value has sunk to less than a penny, marking the first instance since March 23 of the previous year.

Vladimir Solovyov, a prominent figure on Russia’s state television and a staunch ally of Putin, expressed his frustration last week, stating, “They’re making a mockery of us.”

Written by staff