Russia faces sharp decline in ruble's value against global benchmarks

People walk past the Central Bank headquarters in Moscow, Russia Feb. 11, 2019. [Reuters]

Nearly 18 months after launching its full-scale invasion of Ukraine, the Russian government is facing significant economic challenges, with the country's currency, the ruble, plunging in value on global markets.

On Monday, the ruble's value accelerated its monthslong decline against benchmark currencies, like the U.S. dollar. With the Russian central bank calling an emergency meeting for Tuesday, the exchange rate was above 100 to the dollar, a roughly 30% decline in value since the beginning of the year.