28 February 2022, Bavaria, Munich: Russian ruble banknotes, euro bills and an exchange receipt lie on a table. The European Union put its severe sanctions against Russia's central bank into effect Monday night. According to EU Commission President von der Leyen, they include a ban on transactions with the financial institution. Photo: Sven Hoppe/dpa/Sipa USA
Germany: Ukraine conflict – ruble
MOSCOW (AP) — Ordinary Russians are facing the prospect of higher prices as Western sanctions over the invasion of Ukraine sent the ruble plummeting. That’s led uneasy people to line up at banks and ATMs on Monday in a country that has seen more than one currency disaster in the post-Soviet era.
The Russian currency plunged about 30% against the U.S. dollar Monday after Western nations announced moves to block some Russian banks from the SWIFT international payment system and to restrict Russia’s use of its massive foreign currency reserves.
The exchange rate later recovered ground after swift action by Russia’s central bank.
The SWIFT financial messaging system daily moves countless billions of dollars around more than 11,000 banks and other financial institutions around the world.
