The ruble slumped as local traders got their first chance this week to react to a raft of negative developments for Russia including curbs on oil exports, the nation’s key earner. 

Since the currency’s last close on Friday, the U.S. and U.K. banned Russian oil imports, Fitch Ratings warned that default now appears “imminent,” and JPMorgan Chase & Co. and Bloomberg LP removed Russian assets from their indexes. 

“The ruble remains under selling pressure following another barrage of punitive measures,” said Piotr Matys, an analyst at InTouch Capital Markets Ltd. “The market clearly lacks proper liquidity.”

The currency was down 11% at 117.3550 per dollar, taking its drop this year to almost 40%—which is by far the worst retreat globally. Trading was thin, and on the offshore market before the open, the indicative bid-ask spread was 7.4% of the asking price, suggesting that there may be few actual transactions.

Read More: Russia Keeps Stock Market Shut; Ruble Trading Set to Resume

For now, a range of emergency steps taken by Russia’s central bank has failed to arrest the currency’s slide. 

On top of currency controls that banned foreigners from selling or collecting payments on local securities, the Bank of Russia temporarily banned banks from selling cash currency to citizens who don’t already have foreign-exchange accounts. Last month, the monetary authority more than doubled its key rate to 20%.

In the offshore market, the ruble was down 4% at 133.8810 per dollar, more than 8% weaker in the week. 

“Russia’s markets will have to grapple with the pricing of illiquidity, trade, and financial sanctions,” said Ray Choy, head of economics and research at Opus Asset Management Sdn Bhd in Kuala Lumpur. “The ruble can only get weaker.”

Distress Signs

In Asia, the ruble tumbled to an all-time low of 20.5718 per yuan, compared with just 13.2817 at the end of February. A number of Chinese banks suspended trading of the currency pair last week, with signs of distress showing up in the widest ever bid-ask spread.

While sentiment toward the ruble remains deeply negative, the currency’s almost 40% slump over the past month and the soaring cost to short it suggests there’s some prospect of at least a temporary rebound.

“From a speculator’s view, shorting the ruble now could be akin to arriving at the party late,” said Matt Simpson, a senior market analyst at City Index in Sydney. With Russia’s central bank “reviving onshore trading, it’s an act of confidence not ideal for a bearish scenario,” he said.