The Russian ruble is tumbling as US sanctions bite

  • The Russian ruble was down more than 3% Monday morning.
  • On Friday, President Donald Trump announced additional sanctions on Russia.
  • The sanctions target 17 Russian government officials, seven oligarchs with ties to the Kremlin, and the state-owned trading company Rosoboronexport.

The Russian ruble was down more than 3% Monday morning as the Trump administration’s sanctions against Moscow announced Friday and other geopolitical tensions between the US and Russia roiled the currency.

The ruble dropped 3.51% worse than 60 per dollar at 8:17 a.m. ET, making for its biggest decline since November 2016.

The US Treasury Department announced Friday additional sanctions against nearly a dozen and a half Russian government officials, seven oligarchs with ties to the Kremlin and the state-owned trading company Rosoboronexport.

The sanctions, meant to further penalise Russia for meddling in the 2016 US presidential election, will impact at least 12 Russian companies controlled by the affected oligarchs.

Treasury Secretary Steve Mnuchin also cited the Kremlin’s role in supplying materials to the Assad regime, accused of another chemical attack on its citizens that killed at least 70 people.

Russian stocks took their biggest dive in 4 years Monday, with the benchmark MOEX Index down 7.83% at 8:21 a.m. ET.

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