The Russian ruble has plunged more than 20 per cent in pre-market trading following sanctions placed on the country’s financial institutions after the attack on Ukraine.
The United States and European Union have banned some Russian banks from the Swift financial system on Saturday in the latest sanction against Vladimir Putin’s attack.
Western leadership, which also includes the United Kingdom and Canada, expelled Russia from the high-security network that connects thousands of financial institutions around the world.
The ruble’s value had already fallen as much as 40 per cent following the Kremlin’s decision to send troops into Ukraine on Thursday, and was quoted at 110 to 120 per dollar by Russian banks on Sunday, according to The Wall Street Journal.
Russia’s currency had yet to trade officially in Asia early on Monday but was quoted on dealing sites at between 98.00 to 100.00 per dollar, according to Reuters.