Rouble Plunges 20% due to SWIFT Blow to Russia

The Russian rouble plunged nearly 20% to a new record low against the dollar on Monday, and sank more than 1% against the European currency after Western allies announced a harsh set of sanctions against Russia for its operation in Ukraine, including a block to some banks from the SWIFT international payments system.

The USD recorded 74.75  roubles ahead of the crises to record 84.95 on February 24, as Russian President Vladimir Putin announced the military operation in Ukraine. As of February 28, while Western nations announced a harsh set of sanctions to punish Russia, the green back recorded 114.00 roubles and is expected to reach 130.00 roubles as the war continues.

According to sources, few Russian citizens rush to the banks to exchange their currencies into euros and dollars, while it fluctuates wildly, however, the banks are set to supply citizens with their needs to reassure them that the situation is under control.

Meantime, UPS and FedEx halted their operation to both Russia and Ukraine, an Apple stores are not being able to provide their new shipments.