The Kremlin has tried to reassure Russians they will not be affected by the sudden collapse of the rouble, which has plunged to its lowest level since the invasion of Ukraine.

Dmitry Peskov, the Kremlin spokesman, dismissed the rouble’s fall of 8.5 per cent on Wednesday as irrelevant, apparently ignoring analysts’ concerns about rising import costs and foreign exchange “panic”.

“Russians won’t notice the dollar exchange rate increase because they are paid in roubles,” he confidently told reporters.

Hit by strong inflationary pressures linked to Western sanctions and the Kremlin’s spending on its nearly three-year war in Ukraine, the Russian rouble has lost 35 per cent of its value since the start of August.

It is now trading at around 114.5 against the US dollar – the lowest level since March 2022 in the immediate aftermath of Russia’s full-scale invasion of Ukraine.