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Ruble Hits Record Low Against Dollar As New Sanctions Loom

The Russian ruble fell to a record low of 37.57 to the U.S. dollar on September 11, a day before new European Union sanctions against Russia over its role in Ukraine crisis are due to enter into force.

The EU sanctions will take effect on September 12 following their publication in the EU's official journal.

The new sanctions will broaden earlier penalties targeting Russia's oil and arms sectors, including a further tightening of access to international capital markets.

Curbing access to Western capital markets could weigh down Russia's already-flagging economic growth.

Based on reporting by AP, AFP and Interfax