Reuters

Russia central bank hikes rate to 20% in emergency move, tells firms to sell FX

The rouble hit a low of 120 to the dollar on electronic currency trading platform EBS after President Vladimir Putin ordered his military command to put nuclear-armed forces on high alert on Sunday, while the West imposed harsh sanctions against Russia. In another attempt to support the rouble, Russian authorities told Russian exporting companies to sell 80% of their foreign currency revenues on the market, Finance Minister Anton Siluanov said. Presenting the new emergency measures, Central Bank Governor Elvira Nabiullina said the central bank had stopped interventions on Monday due to the latest western sanctions, suggesting the rouble was supported by other unnamed market participants.

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