The Russian ruble hit a new low against the dollar on Friday, as fresh European Union sanctions on Moscow over the Ukraine crisis took effect.

The ruble slumped to 37.72 against the dollar just before 0630 GMT, a day after hitting 37.57 on Thursday.

The New European Union sanctions targetRussian oil firms, defence companies and banks, official documents said.

The sanctions published in the EU’s official journal also add 24 individuals to a blacklist of people facing a travel ban and asset freeze.