LONDON – The Russian ruble is down 2.8% against the dollar on Wednesday after President Donald Trump ramped up his anti-Russian rhetoric on Twitter.
The ruble was already down 1.7% in early European trading but took a leg lower after Trump warned Russia to “Get ready” for engagement in Syria.
Trump tweeted: “Russia vows to shoot down any and all missiles fired at Syria. Get ready Russia, because they will be coming, nice and new and “smart!” You shouldn’t be partners with a Gas Killing Animal who kills his people and enjoys it!”
The ruble’s poor performance follows declines of 4% against the dollar on both Monday and Tuesday.
The Financial Times reports that the ruble is now on track for its worst week since 1999, eclipsing its slump in 2014 at the height of the crisis over Crimea. The currency is down around 12% against the dollar so far this week.
The ruble’s slide comes after the Trump administration on Friday imposed new sanctions on 24 wealthy Russians and government officials, as well as over a dozen Russian-controlled entities.