The ruble hit a 17-month low against the dollar Monday, highlighting the growing squeeze on Russia's economy from Western sanctions and a slump in export revenues.

The Russian currency has lost nearly 40% of its value this year, weakening past 100 rubles to the dollar, as Moscow's war in Ukraine takes a heavy toll.

The fall in the ruble's value is one of several negative indicators for the Russian economy, even as President Vladimir Putin insists that Western sanctions are having a limited effect.

— This is a developing story and will be updated.