MOSCOW (AP) — The Russian ruble has fallen to its lowest level against the dollar since April 2016 amid fears of new economic sanctions by the United States.

In Thursday morning trading in Moscow, the ruble had fallen by around 2 percent to trade at nearly 69 to the dollar.

The latest drop in the value of the Russian currency came amid talk that the U.S. was readying further sanctions. On Tuesday, the U.S. slapped sanctions on two Russian shipping companies over alleged oil trading with North Korea.

It could also impose much broader sanctions as a consequence of the poisoning of ex-spy Sergei Skripal in Britain in March.

Russian President Vladimir Putin called sanctions against Russia "counterproductive and senseless" following talks Wednesday with his Finnish counterpart Sauli Niinisto.