Gokhan Ergocun
March 02, 2022•Update: March 02, 2022
ISTANBUL
Despite wide-reaching measures by Moscow, the Russian ruble continued on Wednesday to post declines against foreign currencies.
The Russian currency's parity with the US dollar sunk to 107 during the day, up from about 76 a month ago.
It also lost value to the euro, with the exchange rate hitting 119 from 86 within the same time frame.
This week, the Central Bank of Russia more than doubled its policy interest rate from 9.5% to 20%.
The government also limited FX transactions, obliging companies dealing in international trade to sell 80% of their foreign exchange income at authorized banks.
Russia's war on Ukraine has been met with outrage from the international community, with the EU, UK, and US implementing a range of economic sanctions against Moscow.
The country was further isolated after its planes were barred from flying in European and Canadian airspace, and a number of its banks were kicked out of the SWIFT international banking system.
Apart from governmental sanctions, the international banking system and Western oil companies have also worked to distance themselves from Russia.
So far, at least 136 civilians have been killed in Ukraine, including 13 children, and 400 others injured, including 26 children, according to UN figures.
Some 680,000 people have fled Ukraine to neighboring countries, the UN Refugee Agency said Tuesday.
