Russia’s rouble has plummeted to its lowest rate against the dollar since the first weeks of its full-scale invasion of Ukraine, as the currency felt the bite of new US sanctions against Gazprombank.
On Tuesday, the rouble hit 107 against the dollar for the first time since March 2022. At Rbs14, the rouble was also at its lowest level against the renminbi for 32 months.
The US last week placed sanctions on Russian banks that had become widely used for international payments, keeping foreign trade flowing. Gazprombank played a critical role administering most payments for the gas Russia sells abroad. Losing this channel raises the prospect of a decrease in gas revenues.
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