Russia hikes interest rate to 20 percent as rouble crashes

The Russian central bank has increased interest rates to 20 percent from 9.5 percent after the rouble plunged up to 40 percent on Monday morning in the wake of western sanctions.

Russia has also ordered companies to sell 80 percent of their foreign currency revenues.

The central bank had already announced a slew of measures on Sunday to support domestic markets, as it scrambled to manage the broadening fallout of harsh western sanctions over the weekend in retaliation against Moscow's invasion of Ukraine.