(Reuters). Despite Moscow’s efforts to protect its hard currency supply and shore up the economy, Russia’s rouble plunged to record levels in onshore trade on Wednesday. This was despite economic sanctions imposed by Moscow following Ukraine’s invasion.

Two days after market close, the Moscow Exchange saw the ruble jump to 120.83 per dollar before recovering some losses. It traded at 116.95 GMT on Friday, more than 10% lower than the Friday close.

After hitting an all-time high of 131 in early trading, it traded around 1% lower against the euro at 119.5.

The offshore rouble trading market was thin, with wide price disparities. Refinitiv showed the rouble at 116.397 per dollar and the EBS platform had 129.00.

Chris Turner is the global head for markets at ING. He stated that he believes on and off-shore trading will continue to be distinct as a function of sanctioned counterparty risk.

Russia’s financial market has been in turmoil ever since the enactment of severe economic sanctions following its invasion Ukraine.

Although the central bank increased its key interest rates to 20% more than twice and the government has introduced support measures, Russian assets were sold extensively and the Russian ruble has fallen around 30% against the US dollar since Russia invaded Ukraine in February 24.

Tuesday’s announcement by the central bank indicated that they are offering extra crisis support for financial companies and that banks would be banned from selling foreign currencies to their citizens over the next six-months. The move is believed to have been made to protect the nation’s hard currency.

Rabobank explained that this was “further underlining” the market squeeze after RUB hit 175 on Monday.

The Moscow Exchange is closed for trading in equity. Last stock traded in Moscow was February 25th.

Russia’s 5 year credit default swaps (a measure of cost to insure exposure to Russia) soared dramatically to 2,905 base points.

Later in the day, inflation data will be available to shed some light on Russia’s economic impact on Western countries and Moscow’s countermeasures.

Moscow will provide consumer price inflation figures for February. These numbers are available in both monthly and annual terms. They also include the week ending March 4. The latter should show the effect of recent severe deterioration.

Michael Metcalfe global head of macro strategies at State Street Global Markets, NYSE:), stated that Russia’s prices had increased sharply after the Ruble’s crash. This is more than was seen in previous currency collapses.

Metcalfe said that “if it was sustained over the coming weeks, months, (this) rate could see the Russian annual inflation rate nearly double in the coming month.”

Before the conflict in Ukraine, Russian inflation had been well over the central bank’s target of 4%. It accelerated to 8.7% in January which was its highest level since 2016. S&P Global (NYSE:) Ratings said it expects Russia’s inflation to hit 13.5% this year.