The Russian currency, the ruble, has fallen to its lowest rate against the US dollar since Vladimir Putin began his full-scale occupation of Ukraine, as sanctions continue to hurt his country's economy.
The ruble fell to 107 against the dollar on Tuesday for the first time since March 2022, shortly after the start of the war that triggered Western-led sanctions, an exodus of companies from Russia and financial turbulence.
The ruble is expected to weaken further as the winter holiday season begins as companies import more goods to meet consumer demand.
The free fall follows the US Treasury Department's announcement on November 21 of sanctions against dozens of Russian banks, which were widely used for international payments.
Among them was Gazprombank, which the US had previously avoided to allow European countries to continue paying for Russian gas supplies. The loss of this channel could mean a further reduction in gas revenues, which have been Russia's hardest-hit export.