Russian currency crashes 14% on new bank sanctions over Ukraine invasion

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Vladimir Medinsky, the head of the Russian delegation, second left, and Davyd Arakhamia, faction leader of the Servant of the People party in the Ukrainian Parliament, third right, at the peace talks in Belarus on Monday.  Photo: Sergei Kholodilin/BelTA Pool Photo via AP

The latest round of US sanctions has limited the ability of the Russian central bank to defend the rouble, sending the currency plunging and increasing the economic pressure on the country for its invasion of Ukraine. 

The rouble crashed at one stage by 30% before paring some of the sharp losses to trade 14% down at 97.76 against the dollar. The latest ban, along with the planned isolation of Russian banks from the global Swift bank messaging system, are designed to punish all Russian firms, with the exception of oil and gas firms.