The recent drop in the value of the ruble has led to increased demands for the Bank of Russia to raise its key interest rate significantly. This could potentially be the largest increase since the Ukraine conflict began.

Since November 21, the ruble has depreciated by over 9% against the US dollar and 6% against the yuan. This depreciation is expected to contribute to inflation, which the Bank of Russia has been trying to manage by maintaining high interest rates.

The central bank's response to the currency's volatility will be closely watched by financial markets and analysts, given the complex economic situation influenced by ongoing geopolitical tensions.