On Monday, the Russian ruble hit a new low against the dollar, as the West intensified its drive to punish and isolate Moscow for its takeover of Ukraine.
After Russian President Vladimir Putin put the nuclear armed forces on full alert Sunday, the fourth day of the greatest attack on a European country since World War II, investors flocked to safer currencies like the US dollar and the yen.
In recent days, the United States, the European Union, the United Kingdom, Japan, Canada, and Australia have issued a slew of sanctions against Russia in response to international outrage over Russian President Vladimir Putin’s military offensive against Ukraine.
Some banks have been barred from using the international SWIFT payment system, the Russian central bank has been barred from utilising its foreign exchange reserves, Russian official media broadcasts have been banned, and Russian flights have been restricted from flying over European territory.
The ruble of Russia has dropped to 117 per US dollar, a 41% drop.