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The Russian: ruble tanked as much as 40% to 118.6 per dollar on Monday, hitting a new record low after Western nations announced new sanctions against Russia over its invasion of Ukraine.

The US, EU and their allies agreed on Saturday to remove key Russian banks from the SWIFT interbank messaging system and freeze the assets of Russia’s central bank, limiting the country’s ability to access its overseas reserves.

The Central Bank of Russia appealed for calm on Sunday amid fears that there could be a run on banks. Analysts suggested that unless Russia finds alternative means of reaching the global financial system,

It faces the risk of being isolated from the global economy. Investors’ concern also grew after Putin put Russia’s nuclear deterrence forces on high alert Sunday. Despite the escalation,

Ukrainian and Russian officials have agreed to hold talks near the Belarusian border “with no preconditions.

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