The ruble fell about 30% against the dollar Monday — making it worth less than 1 U.S. cent.
Capital Economics estimated in a report that Russia's gross domestic product is likely to shrink roughly 5% as a result of the sanctions on the country's economy.
The Russian government will have to step in to support declining industries, banks and economic sectors, but without access to hard currencies like the U.S. dollar and euro, they may have to result to printing more rubles. It's a move that could quickly spiral into hyperinflation.
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Investors brace for volatility as West moves to cut Russia off from SWIFTInvestors were preparing on Saturday for more wild gyrations in asset prices after Western nations announced a harsh set of sanctions to punish Russia for its invasion of Ukraine, including blocking some banks from the SWIFT international payments system.
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