The Russian ruble sank to an historic low against the U.S. dollar on Monday, with analysts saying it was on the verge of a total collapse, forcing the central bank to step in, doubling its interest rate to 20 per cent.

Russia's economy is in a tailspin having been cut off from the SWIFT global financial market, tumbling into a recession.

As Anne Gaviola reports, the latest round of harsh sanctions by the international community is inflicting significant damage to Russia's economy, but some experts say they're still not as harmful as they could be.

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