Russian rouble hits record low after sanctions

Russia’s currency has dropped to an all-time low against the US dollar as it continues to suffer from the fallout of economic sanctions.

The United States and the European Union last week imposed a new round of sanctions against Russia for its actions in Ukraine despite the ceasefire between the Ukrainian government and pro-Russian rebels that was brokered by Russia and a European security group.

The Russian currency fell more than 1% to 38.80 roubles against the US dollar in morning trading. The rouble has lost over 2.7% in just two days.

Jitters over the impact of US and EU sanctions were also fuelled by reports that the Russian government is preparing more import bans, which could ultimately hurt Russian consumer spending.