This is one of the consequences of the new sanctions targeting Moscow. The Russian ruble plunged almost 30% against the dollar on Monday after the invasion of Ukraine.
The ruble was listed down 27% to 114.33 rubles per dollar in international trade, according to Bloomberg News.
Isolation of Russian banks
The United States and the European Union have said they will exclude certain Russian banks from the Swift international banking payment system and have personally targeted Russian President Vladimir Putin and his Foreign Minister Sergei Lavrov.
They also prohibited any transactions with the central bank of Russia. The G7 countries – Canada, France, Germany, Italy, Japan, Britain and the United States – have warned that they will take “further measures” in addition to the sanctions already announced if Russia does not cease its operations military.