Russias ruble has plunged amid fresh sanctions as wartime economy strains – National [Video]

Russia’s ruble has fallen to its lowest level against the U.S. dollar since the beginning of its full-scale invasion of Ukraine, a potential result of new U.S. sanctions and the latest sign of a struggling wartime economy.

Russia’s central bank said on Wednesday it would stop foreign currency purchases for the rest of the year after the ruble weakened beyond 110 rubles to the U.S. dollar, down by one-third since early August.

“The decision was made to reduce the volatility of financial markets,” the regulator said in a statement.

The ruble’s slide comes days after the U.S. on Thursday sanctioned Russia’s third largest bank, Gazprombank, and its six foreign subsidiaries, which have handled most foreign payments for natural gas exports.

Earlier rounds of sanctions spared Russian gas because Europe’s economy was so dependent on it, but European countries have since lined up alternative supplies and are now far less reliant on Russian …