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Bloomberg
Russian markets were paralysed and traders struggled to price the ruble as international sanctions shook the country’s financial system.
The Russian currency lost a third of its value in offshore trading at one point and hit an all-time low of 109.185 per dollar in Moscow. Quotes were infrequent and volatile at the start of the session, and traders warned that low liquidity was making it difficult to match buyers and sellers.
The central bank cancelled local trading altogether in stocks and bonds as the price of Russian-linked shares and debt tumbled overseas.
The ruble then erased some of its losses to trade 13% weaker at 95.4825 rubles per dollar in Moscow.