Russia’s currency has suffered 30% plunge against the dollar after the country was hit by harsher sanctions.
The ruble plunged to an all-time low against the dollar Monday following fresh sanctions by world powers over the country’s decision to invade Ukraine.
The ruble was indicated to be down 27 per cent at 114.33 per dollar in offshore trading, according to Bloomberg News.
The United States and European Union said they would exclude some Russian banks from the international bank payments system SWIFT and personally targeted Russian President Vladimir Putin and Foreign Minister Sergei Lavrov. They also banned all transactions with Russia’s central bank
Meanwhile, the G7 nations — Canada, France, Germany, Italy, Japan, Britain and the United States — warned they would “take further steps” to add to the sanctions already announced if Russia did not cease its operation.
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