Russian Minister of Economic Development Maxim Reshetnikov noted that expectations that "everything will fall into pieces" are not true.

Moving forward, in its key rate decision-making the regulator will take into account actual and expected inflation movements, as well as risks posed by domestic and external conditions and the reaction of financial markets.

The United Kingdom, Germany, Italy, Canada, the United States, France and the European Commission agreed to impose new "tough financial sanctions" on Russia.

Saudi Arabia already wants to trade in yuan, not in dollars, Sergey Lavrov noted.

The grain ban covers wheat and maslin, rye, barley and corn.

The measure will be in effect until December 31, 2022.

"The impact of the sanctions is quite severe for the Russian economy," IMF Managing Director Kristalina Georgieva said.

Aeroflot's newest Airbus A350 aircraft have also been transferred to the Russian register.

This means cover is withdrawn on existing policies and UK insurers and reinsurers will be unable to pay claims in respect of existing policies in these sectors.

From March 9, the Bank of Russia introduces temporary rules for operations with cash currency for a period of 6 months.