Updated 11:18 a.m. Moscow Time
MOSCOW, September 15 (RIA Novosti) – Russian ruble was trading at record 38 rubles against the US dollar Monday as the West continues to hit Russia with fresh sanctions over its alleged role in the political crisis in Ukraine.
The USD/RUB forward rate for tomorrow settlements has risen to 38.02 rubles as of 10.13 a. m. Moscow time [6:13 GMT] Monday, the EUR/RUB forward rate increased by 0.3 rubles, to 49.25 rubles.
The Russian government promised to offer support to companies and financial institutions targeted by new sanctions introduced on September 12 by the US Treasury Department. The new sanctions have increased the number of sanctioned Russian entities in the financial, energy and defense sectors, greatly impacting Russia's economy.
On the same day, new European Union sanctions were imposed against Moscow over its alleged role in the Ukrainian crisis.
Russian President Vladimir Putin has warned that using sanctions as an instrument of foreign policy is not effective and never yields any results, and has said that they also damage the parties imposing them.