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Russian rouble hits weakest vs dollar since March 2022

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New U.S. sanctions on Gazprombank hurt Russian exports

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Geopolitical risk high after Russia fires new missile

(Updates prices at 1331 GMT, rewrites throughout, adds bullets)

MOSCOW, Nov 22 (Reuters) - The Russian rouble tumbled to

a more than two-year low against the dollar on Friday after

Washington imposed sanctions on a key bank facilitating Russia's

gas exports to Europe and as Moscow's firing of a new hypersonic

missile stoked geopolitical tensions.

Moscow fired the newly developed hypersonic ballistic

missile - the

Oreshnik or Hazel Tree

- at a Ukrainian military facility on Thursday in response

to Kyiv striking Russia with U.S.-made and British-made missiles

this week for the first time after the U.S. granted its

approval.

Also on Thursday, Washington imposed

new sanctions

on Russia's Gazprombank that prevent the lender from

handling any new energy-related transactions, potentially

shutting down

the only way European customers can pay for Russian gas.

By 1331, the rouble was down 1.7% at 103.02

against the dollar, earlier hitting 103.7455, its weakest mark

since March 23, 2022. Trade in the rouble has become more opaque

since sanctions in June abruptly halted exchange trading dollars

and euros.

"The rouble is continuing to decline," said Yevgeny

Kogan, professor at Moscow's Higher School of Economics. "The

main reason is sanctions against Gazprombank, which was a

backbone bank for exporters."

Kogan said the sanctions had dramatically changed the

picture for the rouble going forward, expecting the Russian

currency to trade between 104-106 to the dollar by year-end, up

from his previous forecast of 97-99.

The rouble's official exchange rate, set by the central

bank using over-the-counter data, broke through the 100 mark

against the dollar this week for the first time since October

2023, as concerns rise of further escalation in Russia's

standoff with the West.

The rouble was down 1.2% at 107.40 to the euro and

had lost 0.7% against the yuan to 14.04 in Moscow Exchange

trade.

Analysts widely agreed that FX volatility on Russian

markets would be high in the near future, but some offered

rosier forecasts for the rouble.

"The new sanctions may complicate not just settlements

for exports but also for imports, which in turn will lower

demand for foreign currency," said Bank St Petersburg analysts.

"As a result, we should not rule out a scenario of some

strengthening of the Russian currency in the medium term."

Brent crude oil, a global benchmark for Russia's

main export, was down 0.7% to $73.68 per barrel.