Russia's central bank took emergency measures by raising its main interest rate to 20% from 9.5% today (28/2).
In addition, authorities told export-focused companies to sell foreign currency as the ruble fell to a record low earlier this week.
"External conditions for the Russian economy have changed drastically," the central bank said in a statement.
"An increase in the key interest rate will ensure an increase in deposit rates to the level necessary to offset the increase in depreciation and inflation risks. This is necessary to support financial and price stability and protect people's savings from depreciation," the central bank continued.
Central Bank Governor Elvira Nabiullina will hold a briefing at 1300 GMT, the Russian central bank said.
In another attempt to support the ruble, Russia's central bank and finance ministry also jointly ordered Russian exporting companies to sell 80% of their foreign currency earnings on the market.
The recent moves add to the many measures announced since Thursday to support the domestic market. Given that Russia is struggling to manage the widespread impact of Western sanctions imposed in retaliation for Russia's invasion of Ukraine.
