How Savers in Belarus Got Robbed Blind

Belarus devalued its currency by 36% Monday night, according to

. The

urged Belarus to make the move back in March, as the country's foreign currency reserves dwindled. Back then, the Bank of Belarus ruled out a "significant one-time adjustment in the exchange rate of the Belarussian ruble." Apparently they changed their mind. According to the

, even with the devaluation, the ruble remains over-valued, as the "black market" exchange rate remains below the official exchange rate. On Saturday,

reported that Belarus was planning to sell its stake in the country's gas pipeline to Russia at a price of $2.5 billion. Belarus was planning on receiving a bailout loan from Russia before the sale went through. The gas pipeline deal would give Russia complete control over Belarus' pipeline network which provides Europe with a significant amount of energy resources. Traders looking to play the broader Russian economy might consider Market Vector Russia ETF Trust

. RSX attempts to return a value corresponding to the general Russian economy. If Russia is able to gain more control over the broader economy of Belarus, it may prove bullish for the Russian economy.