The Russian rouble has hit an all-time low against both the dollar and the euro following Russia’s deployment of troops in Ukraine’s Crimea region over the weekend.
The rouble is down 2.5% against the dollar, at 36.5 roubles, and 1.5% against the euro, at 50.3 roubles.
Moscow’s main stock exchange, MICEX, fell by up to 10% this morning.
Russia also increased its lending rate from 5.5% to 7% this morning.
The US has warned that it could use trade sanctions, visa restrictions and asset freezes if Russia continues to ignore the West’s call for it to withdraw from Ukraine’s Crimea region.