World News | Ruble Sinks 26% After SWIFT Sanctions Against Russian Banks

Tokyo, Feb 28 (AP) The ruble sank nearly 26% against the U.S. dollar early Monday after Western nations moved to block Russian banks from the SWIFT global payment system.

The ruble was trading at a record low 105.27 per dollar, down from about $84 per dollar late Friday.

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Over the weekend, Japan joined the moves by the U.S. and other western nations to impose more sanctions against Russia.

Restrictions on the Russian central bank target its access to more than $600 billion in reserves the Kremlin has at its disposal. They hinder Russia's ability to support the ruble as it plunges in value.

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Sanctions announced earlier had taken the Russian currency to its lowest level against the dollar in history. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)