Russia's ruble is now worth less than 1 cent. It's the lowest since the start of Ukraine war.

Russia's ruble is now worth less than 1 cent, its lowest value since Western nations imposed crippling sanctions on the country in response to its invasion of Ukraine. 

On Monday, the Russian currency passed 101 rubles to the dollar, part of a slide that began in January and which has erased about one-third of the ruble's value since then. The plunge also marks a reversal from the currency's performance in 2022, when at one point it was the strongest performer in the world.

In a Monday op-ed for state news agency Tass, Maksim Oreshkin, President Vladimir Putin's economic adviser, blamed "loose monetary policy" for the weak ruble. He added that the central bank has "all the tools necessary" to stabilize the currency.