Russia’s ruble plunged Thursday as the country’s military invaded Ukraine.
The dollar was up more than 10% against the Russian currency, sending the ruble to its lowest level ever against the dollar.
The ruble was trading at 89.8903 to the dollar at 8:40 am in Moscow, with the greenback up 10.45% against it from the previous day.
Putin declared what he called a “special military operation” early Thursday morning, just two days after sending troops into Ukraine’s eastern breakaway regions in Donetsk and Luhansk. The latest news follows months of Russian military buildup near Ukraine’s borders with troop numbers counting as many as 150,000.
The situation in Ukraine is rapidly deteriorating, and specific reports from the country are difficult to confirm.
Ukraine Foreign Minister Dmytro Kuleba reported just after 7 am local time that Russia has begun intense shelling of Ukraine’s units in the country’s east.
Ukraine’s air force said it was repelling an air attack, and authorities reported that attacks on Ukraine’s border units are being carried out with the use of artillery and other heavy equipment.
Another attack is ow taking place from the Russian-annexed peninsula of Crimea, Ukraine’s military said, as sirens sounded in the capital Kyiv. Ukraine’s government has warned its citizens to hide in shelters to avoid possible missile attacks on Kyiv.
NATO is set to hold an emergency meeting in response to the invasion. US President Joe Biden condemned Putin’s actions, vowing to impose “severe sanctions on Russia.”
“Putin has chosen a path of destruction,” UK Prime Minister Boris Johnson said.
US and European stock futures are all trading in the red, and oil prices are sharply higher. International benchmark Brent crude surpassed $ 100 for the first time since 2014.
Five thousand Russian ruble banknotes pass through a money counting machine at a store in Moscow.
Andrey Rudakov | Bloomberg | Getty Images