The Russia rouble has crashed by 30% against the US dollar, after the US and its allies announced new sanctions against Russia over its invasion of Ukraine.
The new record low for the Russian currency comes after some of the country’s major banks were banned from using the Swift international payment system over the ongoing conflict with it’s neighbor, Ukraine.
Following the rouble crash, and the citizens rush to withdraw cash from banks and ATMs, Russia’s central bank on Sunday, February 27 appealed for calm.
The move by the European Union, United States and their allies to cut off a number of Russian banks from the Swift payment system is the harshest measure imposed to date on Moscow over the Ukraine conflict.
Also in addition to the Swift ban, assets of Russia’s central bank will also be frozen, limiting the country’s ability to access its overseas reserves.