The value of Russia's currency dropped to a record low today, February 28, after the country was cut off from the global bank payments system. 📉
It dropped nearly 26% to trade at 105.27 per dollar, down from about 84 per dollar late on Friday, in a shift that could cause inflation to surge and place strain on Russia's financial system.
President Vladimir Putin was set to hold crisis talks with his top advisers as a result of the crash, CNN reports, while the Russian central bank responded by more than doubling interest rates to 20%, and the Moscow stock exchange closed for the day.
It comes after Western leaders imposed a range of sanctions against Russia in a bid to bring an end to the ongoing invasion launched by Putin on February 24, including restricting access for some Russian banks to the SWIFT global bank payments system.
