The Russian economy is poised to take a major hit following sanctions for the country's invasion of Ukraine.
"These sanctions will almost certainly hit their mark on the Russian economy which now looks headed for a deep recession and the imposition of capital controls," JPMorgan strategists said, according to Yahoo! Finance.
JPMorgan expects Russia's economy to contract 20% in the second quarter of the year.
According to the Associated Press, the U.S. Treasury Department announced new sanctions targeting the Russian central bank and state investment funds.
Ordinary Russians are facing the prospect of higher prices as the value of the ruble plummets.
The Russian currency plunged about 30% against the U.S. dollar Monday. The exchange rate later recovered ground after swift action by Russia's central bank. According to CBS News, the ruble was trading at a record low of 105.27 per dollar. It was trading at about 84 per dollar late Friday, the network reported.
Financial experts say a weaker ruble could lead to higher inflation in Russia.