On Wednesday, the Russian currency Rouble plummeted over 100 to the dollar, returning to record lows, and the stock exchange remained closed as Russia's financial system stutters under the weight of Western sanctions imposed in response to Moscow's invasion of Ukraine. During early trade in Moscow, the Rouble was 4% weaker against the dollar at 105.20, and 4.3 percent weaker versus the euro at 117.90, supported by Russian corporations.

The Rouble was weaker outside of Russia for the third day in a row, trading at 112 to the dollar on the EBS electronic trading platform, albeit well below the all-time low of 120 reached on Monday. Since Russia's invasion of Ukraine began on February 24, the Rouble has plunged, shedding a third of its value in Moscow trade.

Russia responded to the crisis by raising interest rates to 20% and instructing businesses to convert 80% of their foreign currency revenues on the domestic market, while the central bank stopped intervening in the foreign exchange market owing to sanctions targeting Russia's national reserves. Moscow refers to its efforts in Ukraine as a "special operation," claiming that they are not intended to take territory but rather to weaken Ukraine's military capabilities and catch what it considers to be dangerous nationalists.

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