Late morning update...........
US Dollar / Russian Ruble
Russia’s currency sank to a record low Monday as traders struggled to get access to the ruble.
The ruble fell to 137 to a dollar, a decline of more than 10% from Friday’s close, as traders say that the ability to buy and sell the Russian currency has become more limited as fewer banks want to settle transactions against it in the offshore market.
Sanctions could be widened to include a ban on importing Russian gas and oil exports.
The EU currently imports a quarter of its oil and 40% of its gas from Russia. - which means that member countries are paying the country hundreds of millions of dollars every day.
Although Germany has put on hold permission for the Nord Stream 2 gas pipeline from Russia to open, sanctions on oil and gas up have been ruled out so far because of the effect they would have on Europe.
However, US Secretary of State Anthony Blinken is currently in Europe for talks with Western allies, and they are exploring the possibility of banning Russian oil imports.
Meanwhile in Washington DC, a bill proposing a ban on Russian oil imports is being discussed by US senators, and has support from both Republicans and Democrats