This has more to do with falling commodity prices and the increasingly strong US dollar than anything else.
Canadian dollar, for example, is at a one year low vs the American dollar and closing in on a multi year low as well.
The ruble has collapsed against all world currencies. China is sticking it to Putin with the fixed Yuan oils and gas purchases.
The Russian reporters attribute the fall of the Ruble to the increase in interest rates accomplished to rein in the inflation that is making food too expensive for many, even most. The result is a reliance on potatoes, the typical food of the serf masses.
That reliance has spread to the extent that the price of potatoes has risen to unaffordability for some and the supply is diminished by the massive increase in demand.
the increase in the official interest rate to 21% translates to an actual rate of 32% for ordinary business loans made to oligarchs that control all the business. They can’t make a profit from such typical day to day transactions so lots of business is gradually ceasing.
So, the Sanctions are having an effect but the war with Ukraine has result4ed in the decline of ordinary business activities that has resulted in a decline in the value of the Ruble that has resulted in nongovernable inflation that has resulted in the decline of ordinary business activities.
That is the current and very widely reported news out of Russia. Not government propaganda but actual news