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Ruble plummets as sanctions bite, sending Russians to banks

MOSCOW (AP) – Ordinary Russians are likely to face higher prices as Western sanctions have reduced rubles in the West due to the invasion of Ukraine.

according to Associated PressThe US Treasury Department has announced new sanctions against Russia’s central bank and state investment funds.

This has led to unrest in banks and ATMs in a post-Soviet country that suffered more than one currency disaster on Monday.

The Russian currency fell about 30% against the U.S. dollar on Monday after Western nations announced moves to block some Russian banks from the international payment system SWIFT and to limit Russia’s use of its massive foreign exchange reserves.

Later, the exchange rate regained ground after the Russian central bank took swift action.

Moscow’s public transport department warned citizens it could have problems using Apple Pay, Google Pay and Samsung Pay over the weekend, the news reported.

“The unprecedented actions we are taking today will severely limit Russia’s ability to use its assets to finance its destabilizing activities, and will put funds in Putin and its internal circles to allow the invasion of Ukraine,” said Finance Secretary Janet L. Yellen. in a news release. “Today, in coordination with our partners and allies, we are making major commitments to reduce access to Russia’s valuable resources.”

The impact could affect “hundreds of billions of dollars” in Russian funding, the AP reported.



Ruble plummets as sanctions bite, sending Russians to banks Source link Ruble plummets as sanctions bite, sending Russians to banks

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