MOSCOW, (Reuters) – The Russian rouble plunged to a 15-month low Tuesday. It then recovered its losses following orders from Vladimir Putin to send troops to the two eastern Ukrainian regions that have been declared independent by Russia.

After the COVID-19 pandemic outbreak, Monday saw the largest drop in the ruble’s value since that time. It fell on Western worries about Putin’s recent move to declare the regions independent and “keep peace” as if it were a signal of war.

At 0613 GMT the rouble was 0.2% more expensive than the dollar at 79.564. The currency recovered slightly from a slide to 80.82525 in early trading, making it its lowest point since November 2, 2020.

After earlier trading at 90.95 against the euro in April 2021, it had gained 0.2% and traded at 90.00 today.

Russia repeatedly denied Western claims that it might be plotting to invade Ukraine’s neighbor, however its assets are being impacted by the fear of an imminent military conflict. This would likely trigger new Western sanctions.

The United States stated that it will stop U.S. businesses in these regions, and prohibit imports from them. However, those sanctions were not part of the prepared sanctions Washington and its allies had prepared for Russia should they launch an invasion of Ukraine.

On Tuesday, coordination of sanctions will take place. Potential measures include blocking Russia from accessing global electronic supplies, or steps to reduce Russian energy companies.

The global benchmark for Russia’s major export was up 2.2% at $97.30/barrel

For Russian equities guide see

Russian Treasury Bonds