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Euro down 1.2% vs dollar as Russia sanctions threaten turmoil -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Euro currency bills shown at the Croatian National Bank, Zagreb (Croatian), May 21, 2019. REUTERS/Antonio Bronic

LONDON (Reuters – After the weekend, the euro was sharply down as further chaos on global markets was averted by the escalation in Western sanctions on Russia.

At $1.11390, the currency had fallen 1.2% by 2055 GMT Sunday.

Apart from blacklisting Russian individuals, businesses and banks, Western countries’ move to remove some Russian banks of the SWIFT global payment system and to freeze Bank of Russia’s reserve are likely to cause a serious economic impact on the country. This could have spillover effects to Europe.

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