The ruble fell about 30% against the dollar on Monday after foreign countries slapped new, tougher sanctions on Russia for its invasion of Ukraine.
According to Bloomberg News, the ruble was trading at 114.33 per dollar in offshore trading, down 27 percent.
The United States and the European Union announced that several Russian banks will be barred from using the international bank payments system SWIFT, and that Russian President Vladimir Putin and Foreign Minister Sergei Lavrov would be directly targeted. In addition, all transactions with Russia’s central bank were prohibited.
Meanwhile, the G7 countries — Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States — have warned that if Russia does not stop its operations, they will “take further steps” to add to the sanctions currently in place.
