As the day began, Russia’s currency lost as much as a quarter of its value within hours. Scrambling to stem the decline, the Russian Central Bank more than doubled its key interest rate, banned foreigners from selling Russian securities and ordered exporters to convert into rubles most of their foreign-currency revenues. It closed the Moscow stock exchange for the day because of the “developing situation.”

“The economic reality has, of course, changed,” the Kremlin’s spokesman, Dmitri S. Peskov, told reporters, announcing that Mr. Putin had called an emergency meeting with his top finance officials…

And with dozens of countries closing their airspace to Russian planes, major foreign investors pulling out and the West placing debilitating restrictions on Russia’s biggest banks, it was becoming clear that Mr. Putin’s invasion of Ukraine was ushering in a period of international isolation for Russia unseen since the Cold War.

“So, has Russia become Venezuela or is it still Iran?” the morning-show host on the liberal-leaning Echo of Moscow radio station asked an economist on Monday.