Rouble hit 110 against the dollar after US introduced sanctions against Gazprombank, Russia’s third largest bank

Russia’s rouble has plunged to its lowest rate against the dollar since the early weeks of the full-scale invasion of Ukraine in the wake of new western sanctions and growing geopolitical tensions.

The rouble on Wednesday hit 110 against the dollar for the first time since 16 March 2022. Before launching its war on Ukraine in February 2022, the Russian currency traded at around 75-80 against the US dollar.