(Reuters) – The rouble fell to 100 dollars against the dollar Wednesday. As Russia’s financial system struggles under sanctions imposed by Western countries over its invasion of Ukraine, the stock market remained shut.

Supported by Russian businesses, the Russian rouble fell 4.3% and traded at 105.20 to the dollar.

The rouble traded at 112 dollars to the dollar via the EBS electronic trading platform. However, it was still below the record low of 120 on Monday.

Since Russia invaded Ukraine in February 24, the value of the ruble has plummeted. At one time, it lost a third of its value through Moscow trading.

Russia dealt with the crisis through a steep interest rate rise to 20%. They instructed foreign currency-related companies to convert at least 80% on the domestic exchange. As a result, the central bank had to stop its FX intervention because of sanctions targeting Russia’s state reserve.

Moscow refers to its actions in Ukraine as a “special operations” and says it isn’t designed to occupy any territory. Its purpose is to destroy the military capabilities of its southern neighbor, capture dangerous nationalists, and to destroy their military capability.

Banks raised foreign currency deposit rates as Russian households and businesses rushed to exchange the declining rouble for foreign currency.

Russia’s biggest lender, Sberbank, is willing to pay 4% for deposits up to $1,000. However Alfa Bank, the largest private lender in Russia is offering 8% on deposits over three months.

Russia’s weak currency will affect living standards and increase inflation. Meanwhile, Western sanctions could cause shortages in essential goods or services like cars and flights.