Euro skids, rouble sinks to all-time low as West bolsters Russia sanctions

The ruble plunged around 30% on Monday, the euro slid almost 1% against the dollar, and the safe-haven Swiss franc and Japanese yen were in demand after Western nations imposed tough new sanctions on Russia for its invasion of Ukraine.

Western allies have ramped up efforts to punish Russia with new sanctions including cutting some of its banks off the SWIFT financial network and limiting Moscow’s ability to deploy its $ 630 billion foreign reserves and shuttering their airspace to Russian aircraft. Companies also reported divestment plans, Reuters reported.

Adding to market nerves, Russian President Vladimir Putin put Russia’s “deterrence forces” – which wield nuclear weapons – on high alert.