Russia’s financial system is being rocked by Western sanctions, with a dive in the ruble prompting the central bank to double interest rates
The Russian ruble fell as low as 111 to the U.S. dollar from 83 on Friday, a drop of more than 20% and, if sustained, the biggest single-day fall on record. But trading was spotty, with local onshore markets frozen by the central bank and markets outside Russia reluctant to trade the currency.
Investors prepared over the weekend for a sudden reordering of the Russian economy and financial markets as a result of the sanctions. The European Union, the U.S., the U.K. and Canada announced a set of coordinated measures, includingfinancial messaging system, a key piece of banking infrastructure that facilitates payments of all kinds in the economy.
President Biden announced additional sanctions on Russian banks and high-tech imports, and reiterated that U.S. troops wouldn't be sent to Ukraine, after Russia attacked its western neighbor. Photo: Michael Reynolds/Shutterstock
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