The Bank of Russia has decided to increase its key interest rate by 10.5 percentage points to 20% starting Monday, as the central bank responded to Western sanctions amid the Ukraine conflict. A statement said that the move was designed to shield financial stability and protect the savings of citizens from depreciation. In the morning, the rouble lost about 8% of its value against the dollar. As a result, one dollar cost more than ever at around 90 roubles. The national currency plunged in foreign markets even further.