Russia closes its stock market for third straight day

• Multiple Western corporations have also suspended their retail sales in Russia or have announced plans to exit the country entirely.

The big picture: Russia's central bank increased interest rates on Monday from 9.5% to 20% in response to the crashing ruble and to prevent a run on banks. It also resumed buying gold on the domestic market.

• A series of other measures announced in response to the sanctions include requiring brokers to "suspend the execution of all orders by foreign legal entities and persons who want to sell off their Russian investments, such as stocks and shares."

What's next: The Bank of Russia said trading hours will be announced later this week.

• Russian and Ukrainian delegations concluded a first round of peace talks at the Belarus border on Monday.

Go deeper: The latest on the Russian invasion of Ukraine

Editor's note: This story has been updated to include that Russia's central bank closed the Moscow Exchange for a third day.