The Russian central bank (CBR) hikes the benchmark interest rate to 20%, in an unexpected move on Monday, as the rouble crashes to all-time-lows.

Bank of Russia said that “the rate hike is designed to offset increased risks of rouble depreciation and inflation.”

The central bank added that it is “ready for further action.”

CBR said that Governor Elvira Nabiullina will hold briefing at 1300 GMT later on Monday.

Meanwhile, Reuters reported that the Russian Finance Minister will decide whether to order exporters to sell forex revenues on market.

The Russian rouble has crashed over 40% so far this Monday, in the face of unprecedented Western sanctions against the country’s financial system over President Vladimir Putin’s invasion of Ukraine.

The rouble fell to a record low of 119.00 against the US dollar during one point before recovering to near 82.00 levels, where it now wavers.