Russia's central bank has shut down the country's stock exchange for the week as the ruble plummets amid mounting sanctions imposed by other nations over Russian President Vladmir Putin's invasion of Ukraine.
The Bank of Russia announced early Monday that the Moscow Exchange would not open some sections of the market for the day in light of the "current situation," before sending a second alert saying trading would be entirely suspended until March 5.
Russian-related exchange-traded funds took a hit on Monday.
|RSX||VANECK VECTORS RUSSIA ETF||5.95||+0.17||+2.94%|
The decision comes as the central bank scrambles to try and mitigate steep, coordinated economic sanctions imposed by several other countries, including the U.S., and as the ruble hit a new record low versus the dollar.
The Bank of Russia also signaled it would resume buying gold on Monday, and raised its key interest rate to 20%, up from 9.5%, in an effort to fight the depreciation of the ruble and higher inflation.
|GLD||SPDR GOLD SHARES TRUST - EUR ACC||176.29||-1.40||-0.79%|
NATO allies and other nations have taken action to inflict economic pain on Russia as Putin continues his bloody assault on Ukraine. Select Russian banks are set to be removed from the SWIFT international banking network by the European Union, and the Bank of Russia has also been targeted directly with sanctions from the Biden administration.
A senior White House official told FOX Business on Monday, "Our strategy is to make sure that the Russian economy goes backward as long as President Putin decides to go forward with his campaign."
FOX Business' Ronn Blitzer and Paul Conner contributed to this report.