Fresh US sanctions against Russian banks have caused a further slide in the ruble, putting at risk some of the last channels of direct foreign-currency flows into the country.

Russia's currency has fallen sharply, putting pressure on the country's strained financial system. On Wednesday, Russia's central bank announced it would stop foreign-currency purchases to try and strengthen the currency and ease pressures on financial markets.

On Nov. 27, the ruble fell to 112.61 against the dollar, hitting an all-time low of 114 rubles per dollar during the day, according to data from Investing.com. The Central Bank of Russia set the official exchange rate for the day at 105 rubles per dollar and 110.

Russia is facing a major economic setback as its currency, the ruble, continues to fall sharply. In just one week, the ruble has dropped by 7%, and in the past month, it has lost about 15% of its value.

The Russian currency plummeted more than 3.4% against the Chinese yuan on Wednesday, reaching its weakest level in a year. This is significant because in June, the Bank of Russia designated the Chinese currency as the main settlement unit after Western sanctions cut Moscow off from trading in dollars and euros.

The Russian ruble has reached its lowest level since the beginning of the invasion of Ukraine, with the exchange rate exceeding 105 per US dollar. The sharp weakening of the Russian currency comes in the face of new sanctions targeted at Gazprombank and rising tensions between Russia and Western countries.