The Russian economy is in the throes of a deepening crisis as its currency, the ruble, continues to plummet to record lows, prompting a series of emergency measures by the country’s central bank.

A recent slump in the ruble is ramping up pressure on the Bank of Russia to hike its key rate — potentially by the most since the start of the war on Ukraine.

The Russian currency has hit a 32-month low against the U.S. dollar as the wartime economy faces another blow.

Last week, there was a sharp decline in the ruble's exchange rate. Challenges with the Russian currency have led Chinese companies to suspend the export of certain goods. "The sharp depreciation of the Russian rouble