The VanEck Russia ETF fell 25% in premarket trading Monday as the conflict in Ukraine generated new U.S. sanctions against Russia.

The Biden administration will be inaugurated Monday announced additional sanctions against Russia’s central bankThis would effectively ban Americans from transacting business with the bank, and also freeze assets in the U.S.

The RSX fund is designed to track MVIS Russia IndexThe largest and most liquid Russian companies are included in this category. This includes companies that are not incorporated in Russia and generate more than 50% of their revenues there.

This sharp fall follows two turbulent trading sessions during which shares of the fund struggled to rebound. another big drop ThursdayThis was the day that Russia invaded Ukraine for the first time.

Additionally, there was a larger U.S. Stock Market. lower in early trading Monday. Russian Stock Market remains closed. It has not yet announced its Tuesday operating hours.

Ukraine’s Armed Forces have held off Russian troops for the past few days and are still in control of major cities. Officials from Russia and Ukraine met at the Belarusian border on Monday to discuss a potential endTo the fighting between these two sides.

It follows a weekend move by Canada, the U.K., the European Union and the U.S. pledged to remove selected Russian banks from SWIFTThe Society for Worldwide Interbank Financial Telecommunication. Because SWIFT is connected to more than 11,000 financial institutions around the world, and Russian banks are not included in the payments system, it would mean that they could no longer be part of most global financial systems.

The Russian central bank is also a participant in the transaction. hiked its key interest rate to 20%In an attempt to support the falling ruble, it will reduce its interest rate from 9.5%. In an effort to increase liquidity, it also announced that 733 billion rubles (or $8.78 Billion) will be released from local bank reserves.

It had the ruble tumbled by about 30% against the dollarFollowing President Joe Biden’s announcement of new sanctions for Russian banks, its sovereign debt and President Vladimir Putin, and Sergey Lavrov (Russian Foreign Minister), Recenty, it was lower than 15%