MOSCOW (AP) — The Russian ruble has again fallen sharply as last week's U.S. sanctions continue to bite.

The dollar traded above 64 rubles on the Moscow exchange Wednesday morning for the first time since 2016, a 2 percent drop, though the ruble later recovered slightly to 63.8 by midday.

The euro neared the 80-ruble mark briefly before falling back to 79.

U.S. sanctions imposed Friday barred U.S. citizens from doing business with numerous Russian businessmen, officials and companies, and froze any assets they may have in U.S. jurisdiction.

Russian markets have been spooked not only by the impact on sanctioned companies such as aluminum producer Rusal but also by the prospect of further such sanctions.