US sanctions hit ruble (USDRUB) as Russia’s currency sources dry up

New US sanctions against Russian banks have caused a further fall in the ruble, putting some of the last channels for direct currency flows into the country at risk.

The ruble has fallen nearly 8% against the dollar since Nov. 21, when the United States sanctioned about 50 Russian banks with links to the global financial system. On Wednesday, the currency went above 108 per dollar after passing 105 the previous day, the weakest levels since March 2022 in the wake of the first comprehensive sanctions over the invasion of Ukraine.