Home Economy Russian rouble plunges 28% after US and allies impose tighter sanctions

Russian rouble plunges 28% after US and allies impose tighter sanctions

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Russia’s currency tumbled more than 28 per cent to a record low in early trading on Monday, as a new round of western sanctions heaped pressure on the country’s financial system in response to its invasion of Ukraine.

The rouble dropped to almost 118 against the US dollar, according to Bloomberg data, following a weekend when Russian president Vladimir Putin put his nuclear forces on high alert and the US and Europe unleashed their toughest sanctions in a bid to cut the country off from the global financial system.

In an attempt to stem the market fallout, Russia’s central bank banned foreign selling of Russian securities on Monday. No information was provided on when the ban would be lifted.

The central bank also said trading on Russia’s stock markets would not open for the morning session and that it would announce later today if equity trading would resume. The country’s benchmark Moex index has fallen by more than a quarter over the…

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