As offshore trading began in the morning during Asia hours, the Russian ruble traded as low as 119 per dollar from almost 84 per dollar at the previous close. This is according to Factset data. 

On Monday, Russia’s central bank said it had banned its brokers from carrying out sell orders from foreign nationals as it moves to contain the financial market fallout. The bank also announced plans to free 733 billion rubles in local bank reserves in a bid to boost liquidity. 

While Russia’s attack on Ukraine continues, Ukraine currently retains control of its capital city Kyiv and its second-largest city Kharkiv. However, the number of civilians killed in Russia’s invasion is rising day by day. On Sunday, the human rights commission in Ukraine estimated the number of civil victims to stand at 210, including several children. 

Last week, US President Joe Biden responded to Russia’s invasion of Ukraine by announcing a series of sanctions on Russian banks, on the nation’s sovereign debt, and on President Putin and Foreign Minister Sergey Lavrov. 

In a statement, US President Joe Biden said: “I’m going to begin to impose sanctions in response, far beyond the steps we and our Allies and partners implemented in 2014.  And if Russia goes further with this invasion, we stand prepared to go further as — with sanction.”

“Who in the Lord’s name does Putin think gives him the right to declare new so-called countries on territory that belonged to his neighbors?  This is a flagrant violation of international law, and it demands a firm response from the international community.”