Russia's currency collapsed in overnight trading, with the ruble plummeting against the dollar. Why it matters: The dive shows that the steadily increasing sanctions from the U.S., the European Union and the United Kingdom will inflict massive pain on Russia's economy — the 11th largest on earth — and its people, in a shock that could reverberate throughout the global financial system.Stay on top of the latest market trends and economic insights with Axios Markets. Subscribe for freeThe Russian
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Ruble collapses as new sanctions on Russia hit
