The ruble weakened to 114 against the greenback earliest this week — hitting its lowest level since March 2022, shortly after Russia invaded Ukraine.

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.

With the purchasing power of the Russian ruble hitting the lowest point since March 2022, the economic toll of the full-scale invasion of Ukraine becomes glaring.