On Thursday, the Russian Central Bank halted trade in the foreign exchange markets. According to RT report, President Vladimir Putin ordered his country's military to execute a special operation in the Donbass region, sending the ruble to a new low.

Early Thursday, the Russian currency fell 6% to 86 rubles per US dollar, the lowest level on record. After quotes crossed the trading band restrictions specified by the exchanges, all trade in rubles was banned on both the Moscow and St Petersburg stock markets.

"The Bank of Russia decided to commence interventions in the foreign exchange market, enlarge the Lombard list, and execute operations today to provide additional liquidity to the banking sector to stabilise the situation on the financial market," the regulator stated in a news release.

The regulator will use all necessary powers to preserve financial stability and commercial continuation of financial institutions, according to the notice. The Russian central bank also stated that the country's financial institutions have a clear plan of action in case of any unforeseen circumstances.

According to the report, Russia now has over USD600 billion in gold and foreign-exchange reserves, which could be used to support the fast declining national currency if necessary.

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