Ruble dives, stocks sink as West tightens Russia sanctions

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — The ruble has plunged against the U.S. dollar after Western nations moved to tighten sanctions against Russia, blocking some of its banks from the SWIFT global payments system. U.S. futures fell and shares were lower in Europe after a mixed session in Asia on Monday as President Vladimir Putin escalated tensions by ordering Russian nuclear forces be put on high alert. The Russian central bank raised its benchmark rate to 20% from 9.5% as it tried to stanch the ruble’s nosedive. A weaker ruble is likely to push prices higher, adding to strains on the economy. Russia’s invasion of Ukraine has jolted markets as investors consider its potential impact, especially on inflation and energy supplies.