Powerful Western sanctions rocked Russia’s financial system and triggered a spiral in the ruble, drawing the central bank into an emergency doubling of interest rates.
The Russian ruble fell as low as 111 to the U.S. dollar from 83 on Friday, a drop of more than 20% before recovering slightly, on track for its biggest single-day fall on record. But trading was spotty, with local onshore markets frozen by the central bank and markets outside Russia reluctant to trade the currency.