People wait in line to use an ATM in Saint Petersburg, Russia February 27, 2022.
Anton Vaganov | Reuters
The Russian ruble fell about 29% against the dollar on Monday morning, as markets gauged the impact of sanctions on Russia amid growing backlash to the Ukraine invasion. of the Kremlin.
According to FactSet data, the ruble was trading as low as 119 per dollar when foreign trading began in the morning Asian time, from nearly 84 per dollar the day before, according to the data. of FactSet.
It comes as the Russia-Ukraine crisis shows no sign of abating.
On Sunday, after days of air, sea and land attacks on Ukraine, Russian President Vladimir Putin put his country’s nuclear deterrent on high alert.
Russia’s push into Ukraine continues, but Ukraine retains control of its capital, Kyiv, and its second largest city, Kharkiv. Russian military vehicles entered Kharkiv on Sunday with reports of fighting going on and residents warned to stay in shelters.
Last week, President Joe Biden responded to the attack by announcing several rounds of sanctions against Russian banks, over the country’s sovereign debt, and Putin and Foreign Minister Sergey Lavrov.
Over the weekend, the United States, European allies and Canada agreed to cut key Russian banks from the SWIFT interbank messaging system, which connects more than 11,000 banks and financial institutions in more than 200 countries. contries and territories.
