The ruble fell by 27 percent to 114.33 rubles to the dollar in international trade, according to Bloomberg News.
The United States and the European Union have said they will exclude some Russian banks from the SWIFT banking system, and that they will impose sanctions, especially on Russian President Vladimir Putin and his Foreign Minister Sergei Lavrov.
They also banned any dealings with the Russian Central Bank.
On Sunday, the G7 countries, Canada, France, Germany, Italy, Japan, Britain and the United States, warned that they would take “other measures” in addition to the previously announced sanctions if Russia did not stop its military operations.
On Sunday, the ruble depreciated by as much as 40 percent, reaching between 110 and 120 per dollar.
The Wall Street Journal quoted Sergei Kachenko, who was a senior official at the Russian Central Bank in the late 1990s and now lives in the United States, as saying that this drop in the currency’s value from 30 percent to 40 percent would add about 5 percentage points to inflation. .
Inflation had already risen to 8.7 percent in January, more than double the Russian Central Bank’s 4 percent target.
Kachenko added that inflation could rise further if malfunctions in the payments system reduce the supply of goods.
Earlier this month, the Russian Central Bank raised its key interest rate by a full percentage point to 9.5 percent to combat inflation.
The bank, which Western economists generally see as committed to controlling inflation, is likely to raise interest rates much more, which could push Russia into recession.