UKRAINE CRISIS: Russian Ruble drops by 30% after its sanctions.

Russian ruble drops nearly 30 percent against the dollar on Monday after world powers imposed fresh, harsher sanctions on Moscow over its invasion of Ukraine.

According to the report indicating that the Russian ruble is down by 27 percent at 114.33 per dollar

in offshore trading.

However, the Bank of Russia raised the rate from 9.5% after the ruble sank 30% after new Western sanctions. The currency then eased back to about 20% down.

The collapse in value erodes the currency’s buying power and could wipe out the savings of ordinary Russians.

The United States and European Union said they would exclude some Russian banks from

the international bank payments system SWIFT and personally targeted Russian President

Vladimir Putin and Foreign Minister Sergei Lavrov. They also banned all transactions with Russia’s central bank.

President Vladimir Putin on Monday responded to the sanctions with an order barring citizens from transferring money outside of Russia, including for debt payments.

Moscow’s stock market, which saw heavy losses last week as investors sold, is to be closed for a second day on Tuesday.

Meanwhile, the G7 nations — Canada, France, Germany, Italy, Japan, Britain, and the United States — warned they would “take further steps” to add to the sanctions already announced if Russia did not cease its operation.

By Taiyelolu A

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