Russia's currency has dropped to an all-time low against the U.S. dollar as it continues to suffer from the fallout of economic sanctions.

The United States and the European Union last week imposed a new round of sanctions against Russia for its actions in Ukraine despite the cease-fire between the Ukrainian government and pro-Russian rebels that was brokered by Russia and a European security group.

The Russian currency fell more than 1 percent to 38.80 rubles against the U.S. dollar in morning trading on Tuesday. The ruble has lost over 2.7 percent in just two days.

Jitters over the impact of U.S. and EU sanctions were also fueled by reports that the Russian government is preparing more import bans, which could ultimately hurt Russian consumer spending.