The Russian central bank raised its key interest rate to 20% from 9.5% on Monday in an emergency move, and authorities told export-focused companies to sell foreign currency as the rouble tumbled to record lows.
Finance Minister Anton Siluanov says Russian authorities told Russian exporting companies to sell 80% of their foreign currency revenues on the market.
Central Bank Governor Elvira Nabiullina says the central bank had stopped interventions on Monday due to the latest western sanctions, suggesting the rouble was supported by other unnamed market participants.
Nabiullina says the Bank of Russia sold around $1 billion from its reserves the day Russia started what it calls a special operation in Ukraine and also carried out FX selling.