Russia's currency crashed to a record low against the US dollar as the country's financial system reeled from crushing sanctions imposed by Western countries in response to the invasion of Ukraine.
The ruble lost more than 30% of its value to trade at 109 to the dollar at 2.30 a.m. ET after earlier plummeting as much as 40%. The start of trading on the Russian stock market was delayed.The latest barrage of sanctions came Saturday, when the United States, the European Union, the United Kingdom and Canada said they would expel some Russian banks from SWIFT, a global financial messaging service, and"paralyze" the assets of Russia's central bank.
As the value of the ruble falls, they will become much more expensive to buy, pushing up inflation. The crackdown on its leading banks, and the exclusion of some of them from the SWIFT secure messaging system that connects thousands of financial institutions around the world will also make it harder for it to sell exports.Analysts warned that the turmoil could lead to a run on Russian banks, as savers try to secure their deposits and hoard cash.
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