Exactly 25 years ago, on August 17, 1998, Russia experienced one of the most severe economic crises in modern history. That day, a default on government bonds was announced. This led to a significant collapse of the ruble and inflation. In a few months, the national currency practically depreciated and Russians were left without money. Those who survived still remember that time with a shudder. URA.RU recalls, using photos as an example, the severe consequences of the economic crisis.
The Russian government and the Central Bank of the Russian Federation announced a technical default on the main types of government securities and a transition to a floating ruble exchange rate. The people visualized this by demonstrating scales with a ruble and a dollar. Demonstration of scales with Russian iron rubles and an American banknote with a face value of 1 dollar after a sharp jump in the exchange rate as a result of a technical default.
https://ura.news/news/1052806553
Putin and the Kremlin (but I repeat myself) banked on a quick smo, weak sanctions , and their national wealth fund to sustain them till this all blew over.
Since there was no plan b when plan a failed, smacking head against the wall is all they have. Russian mir allows for nothing else.
Getting Russian conscripts involved in this mess of their creation may turn out to be the most strategically significant thing the Ukrainians have done