Ruble Plunge to Record-Low as Putin Draws Wider Condemnation on Ukraine Attacks

Ruble plummeted to a record-low as Russian armored columns pushed into Ukraine and airstrikes struck the country’s capital and a number of other cities.

Source: The Wall Street Journal.

RUB USD down -4.55%

President Biden labeled Mr. Putin’s action unprovoked, unjustified attack and committed further action against Russia.

Britain’s prime minister, Boris Johnson, in a tweet, stated that President Putin had chosen a path of destruction, further noting that the U.K. and its allies would respond decisively.

The European Union indicated that sanctions hurt Russia’s financial sector, freezing assets and banning the export of technology to the country.

Russia’s moves presented the U.S. and its allies with a major test of their unity over how to react to Mr. Putin’s challenge to the global balance of power.

Meanwhile, Mr. Putin has massive leverage too, with Russia being a major supplier of energy to Europe.

Ukraine’s central bank restricted cash withdrawals to 100,000 Ukrainian hryvnia per day, the equivalent to nearly $3,340. It also fixed the official exchange rate.