MOSCOW (Reuters – On Thursday, the rouble fell to its lowest level since 2016 when President Vladimir Putin directed Russian troops to invade Ukraine. This move led to trading at Moscow Exchange being suspended.

Officials and media reported that Russian forces launched missiles against several Ukrainian cities, and also landed troops along its southern coast. This was after Putin authorized what he described as a “special military operation” in the east.

After opening at 0400 GMT, 3.6% of the ruble fell to $8.0775, and then dropped 3.9% to an all-time low of 95.2425 against euro. Trading was stopped quickly.

The suspension of trading on all market has taken effect. MOEX Group which manages the Moscow Exchange said that trading will resume after a while.

Russian banks increased exchange rates dramatically while trading was shut down on the Moscow Exchange. Alfa Bank was willing to purchase dollars and euros for 91.44 roubles and 101.11 rubles, respectively.

The rouble fell 10.5% at the interbank markets, 89.71 GMT. This was its lowest level on record.

The RIA news agency reports that Russia’s most important lender, Sberbank, offered to purchase euro at 116 roubles.

The price of a barrel of oil, which is Russia’s primary export, rose 5.6% to $102.22 per barrel.

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