Ruble falls to one week low

Prime Minister Medvedev says the Russian government has submited a resignation and that Putin will decide the makeup of a new government. Separately, Putin appointed Medvedev deputy head of the security council.

The ruble is down about 0.5% on the news.

Earlier today Putin called for a nationwide vote that would distribute power to parliament and the PM and away from the Presidency. That sounds like Putin is giving away power but his term as President expires in 2024 and it would give parliament the power to choose the prime minister.

In the same speech, Putin announced measures to incentivize a higher birth rate. It's fallen to 1.75 and he announced cash incentives, increased child benefits, hot lunches for kids and grants to mothers of large families.