The Bank of Russia has decided to increase its key interest rate by 10.5 percentage points to 20% starting Monday, as the central bank responded to Western sanctions amid the Ukraine conflict.
A statement said that the move was designed to shield financial stability and protect the savings of citizens from depreciation.
In the morning, the rouble lost about 8% of its value against the dollar. As a result, one dollar cost more than ever at around 90 roubles.
The national currency plunged in foreign markets even further.