For all the intrigue and grandeur of global markets, the currency exchange is the bloodline that keeps commerce pumping. And right now, the Russian ruble’s health is causing palpitations for businesses and investors worldwide.

In what seems like a bid to bolster the staggering ruble, Russia has ushered in fresh capital controls. The essence? Western companies looking to pull out of the Russian market can’t simply cash out in dollars or euros. Instead, they’ll need to sell their holdings for rubles. It’s a move that could make boardroom conversations rather tense, especially given the potential for delays and losses if transfers of Western currencies are taken abroad.

If this was a game of poker, the stakes are astronomical. The ruble has plummeted, with a staggering 20% drop against the dollar this year alone. At one point, the currency nosedived past the symbolically significant 100-mark, pushing President Putin to rally for sterner regulations. And just this week, it slipped further to 93.02 against the dollar.

But not everyone is buying into the Kremlin’s strategy. One banker, reflecting the sentiments of many, likened the move to “putting a Band-Aid on gangrene.” It’s not hard to understand this perspective. For Western sellers paid in rubles, the options aren’t appealing. Whether grappling with unpalatable exchange rates or hunting for banks willing to accept their money, the challenges seem unending.

But let’s roll back the tape. This isn’t Russia’s first foray into capital controls. Earlier in the year, the Kremlin placed checks on how exiting companies could use their sale proceeds. The choices? Either funnel the funds into tight-fisted Russian bank accounts or disperse the proceeds through several transactions.

It doesn’t end there. Putin recently decreed that export-focused firms sell a chunk of their foreign currency domestically, perhaps attempting to flood the market with much-needed foreign currency reserves.

Amid this currency saga, the Bank of Russia turned heads by hiking interest rates by a whopping 200 basis points. This surprise move, combined with previous hikes in the summer, aimed at curbing inflation exacerbated by Russia’s actions in Ukraine and ensuing sanctions.

For entrepreneurs and investors, the unfolding situation provides a clear lesson on the intricacies of global business. While the Kremlin’s latest tactics may seem like short-term remedies, the broader implications of these controls, especially for Western firms and the health of the global financial system, will be something to watch keenly. As the ruble continues its roller coaster ride, all eyes will be on Russia’s next move in this high-stakes economic game.