Collapse of the ruble

How the Russian currency collapsed in a day

Russia was scrambling Monday to avoid a financial catastrophe as the country's economy was hit by a slew of crippling Western sanctions imposed over the weekend in reaction to the invasion of Ukraine. Following the ruble's record low versus the dollar, the Russian central bank more than quadrupled interest rates to 20%, and the Moscow stock market was closed for the day, President Vladimir Putin was set to conduct crisis meetings with his top aides.