In 2022，the US and the West launched nine rounds of economic sanctions against Russia on the grounds of escalation of Ukraine crisis. The large-scale sanctions were implemented against the background of slowing global economic growth and persistent high inflation. Changes in the external economic environment and the adjustment of the “role” of the EU’s sanctions against Russia together magnified the effect of the sanctions，which brought a severe impact on the Russian foreign exchange market，securities market，and credit market. Firstly，the sanctions have caused sharp fluctuations in the ruble exchange rate，and the transaction ban has also limited the ability of Russian commercial banks to participate in international settlement and international financing. In this context，the removal of foreign currencies from the assets and liabilities of Russian commercial banks and the increase in the proportion of RMB in Russia’s foreign exchange transactions and trade settlements have become new highlights. Secondly，the sanctions triggered a large-scale withdrawal of funds from the Russian stock market by non-resident investors，and the Russian stock and bond markets fluctuated sharply. The rapid increase in the share of Chinese and Russian retail investors in the stock market has filled the vacancy left by foreign capital. Thirdly，although the Russian central bank’s rapid and substantial anti-crisis measures such as interest rate hike have guaranteed the liquidity of the financial system and the value of residents’ ruble assets，changes in the interest rate environment still had an impact on stock and new loans. To this end，the Russian central bank and relevant government departments have launched a series of anti-crisis policies such as “loan holidays”，“interest rate adjustment buffers” and “concessional loans” to alleviate the negative impact of interest rate hikes on the economy. Subsequent practice has proved that the above policy combination has avoided a large-scale credit crunch for key large enterprises （big income generators） and small，medium and micro enterprises （big employment households）. Faced with the still severe external situation and the potential adjustment of international energy prices，Russia’s foreign exchange，securities，credit and other fields still face various pressures.