Russian's financial markets remain closed, as punitive Ukraine sanctions go into effect

Russia's financial markets remain closed Wednesday for the third day in a row as the country's economy continues to take massive hits caused by Ukraine-related sanctions from Western countries. 

The closure of the Russian exchanges is the longest since since 1998, according to Bloomberg News. 

Russia is planning to pump as much as $10 billion from its sovereign wealth fund into the purchase of local stocks in a last ditch attempt to float its markets.

In addition to its markets, as much as half of Russia's international reserves may have been frozen abroad as part of the punishment for Putin's ongoing invasion of Ukraine. The country's central bank has banned foreigners from selling securities locally, meaning that investors are effectively shut out of the market, at the moment. 

Seven Russian banks are also currently being excluded from the SWIFT financial-messaging system. 

On Tuesday, the ruble was trading at a rate of 101 rubles per U.S. dollar, slightly better than Monday, when the rate was 108 rubles per USD.